Pakistani rupee freefall continues against USD

KARACHI: Pakistani rupee slide down against United States dollar (USD) in the interbank market and closes at Rs287.09, ARY News reported on Monday.

Interbank closing #ExchangeRate for todayhttps://t.co/ubh1tFDBEu pic.twitter.com/bSZt3BFlqk

— SBP (@StateBank_Pak) April 10, 2023

According to the State Bank of Pakistan (SBP), the local currency lost Rs2.44 against the greenback in the interbank market to close at Rs287.09.

On April 7, the local currency closed at Rs284.65 in the interbank market.

According to the Forex Association of Pakistan (FAP), selling rate of dollar in the open market were recorded at Rs 294.

Earlier, after back-to-back losses, the Pakistani rupee found some respite against the US dollar, appreciating Rs3.43 in the interbank market.

The local unit gained Ra3.43 against the greenback to close at Rs284.42 in the interbank market.

It is pertinent to mention here that on April 5, the rupee had closed at Rs287.85 per US dollar. In the open market, the greenback was trading at over Rs293.

Experts said the gain in the value of the rupee can be attributed to the assurance provided by Saudi Arabia to IMF for additional funds.

Pakistan moved a step closer to securing its loan from the International Monetary Fund bailout after Saudi Arabia assured the global lender it will provide a $2 billion loan to help the nation avoid a default.