KARACHI: After a recent strengthening of the rupee following the government’s decision to reverse fuel subsidies to secure a $1 billion tranche from the IMF, the US dollar on Monday gained value in interbank, ARY NEWS reported.
According to forex dealers, the US dollar rose by Rs1.29 against the rupee and traded at Rs199.21. “The US dollar in open market is trading between Rs198 and Rs203,” they said.
On Friday, after continuing its upward trajectory against the US dollar in the interbank market for five consecutive days, the rupee registered a downward trend after the government further hiked petroleum prices to implement conditions for the release of a $1 billion tranche from the International Monetary Fund (IMF).
According to the State Bank of Pakistan (SBP), the US dollar gained Rs0.33 in the interbank market and closed at Rs197.92.
The forex dealers said that the US dollar in the open market is trading between 198 and 203 against the rupee.
Interbank closing #ExchangeRate for todayhttps://t.co/rXmVcxZr9j pic.twitter.com/ia6gNjo25w
— SBP (@StateBank_Pak) June 3, 2022
On May 26, 2022, the Pakistani rupee closed at an all-time low at Rs202.01 owing to the delay in resumption of International Monetary Funds (IMF) loan programme.
from Business News updates - Latest news stories on Economy from Pakistan https://ift.tt/kLycVXp
via IFTTT