Rupee makes sharp recovery against US dollar
- By Web Desk -
- Jun 08, 2022
KARACHI: After suffering massive losses this week, the rupee on Wednesday made a recovery of Rs1.31 against the US dollar in the interbank market, ARY News reported.
According to the State Bank of Pakistan (SBP), the greenback closed at Rs201.52 after losing Rs2.60 against the previous day’s close of Rs202.
The US dollar is being sold at between Rs201 to Rs204 in open market against the rupee, said forex dealers.
The Pakistani rupee on Tuesday further weakened in the interbank market and closed at 202.83 against the US dollar amid budget uncertainties as matters with the International Monetary Fund (IMF) are yet to be finalised.
Interbank closing #ExchangeRate for todayhttps://t.co/5h4viArShY pic.twitter.com/ASL46v8LTE
— SBP (@StateBank_Pak) June 7, 2022
According to experts, the resumption of the IMF programme is a must to stabilize foreign exchange reserves.
On May 19, the dollar had reached a record high of Rs200 for the first time in interbank market.
The respite for the rupee had come only after the government had increased the fuel prices by a whopping Rs30 a litre, paving the way for the release of a $1 billion tranche from the International Monetary Fund (IMF).