KARACHI: The rupee on Wednesday gained value against US dollar at the start of the day in interbank with greenback trading at Rs185.53, NEWS reported.
According to details, the rupee strengthened in the interbank by Rs0.9 and the dollar traded at Rs185.53. In open market, the US dollar traded at Rs186.50.
On Tuesday, the Pakistani rupee continued its upward trajectory against the US dollar after it witnessed a jump of 0.52 paisa against the greenback in the interbank.
According to forex dealers, the US dollar is trading at Rs186.57 today in the interbank market. In the open market, the greenback was trading at over Rs186 against the Pakistani rupee.
Interbank closing #ExchangeRate for todayhttps://t.co/oRR0vUS95C pic.twitter.com/TOaMjiSICi
— SBP (@StateBank_Pak) April 26, 2022
The upward trajectory in rupee has been witnessed after Finance Minister Miftah Ismail on Sunday agreed with International Monetary Funds’ (IMF) recommendations to reduce fuel subsidies phase-wise in exchange for the release of a US$1 billion tranche.
Miftah Ismail held a meeting with the executive directors of the International Monetary Fund (IMF) in Washington for the revival of the Extended Fund Facility (EFF) programme.
Sources say that the finance minister hinted to carry forward the IMF program and agreed to curb subsidies on the fuel and electricity phase-wise.
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