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Saturday, November 23, 2024

Home Pakistan Pakistani rupee appreciates by 1.53 after slumping against dollar in interbank

Pakistani rupee appreciates by 1.53 after slumping against dollar in interbank

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KARACHI – A day after plummeting by over PKR3, the Pakistan rupee on Friday recovered 0.54 percent against the US dollar in the inter-bank market.

Data shared by the State Bank of Pakistan revealed that the local currency settled at 280.77, with a slight improvement of Rs1.53.

Interbank closing #ExchangeRate for todayhttps://t.co/QsyP4ZJWSX pic.twitter.com/N6wmg0BcdN

— SBP (@StateBank_Pak) March 10, 2023

The recent recovery comes on the heels of a rise in foreign exchange reserves after cash strapped country received fresh loans from Beijing and reserves are now sufficient enough to cover almost a month of imports.

Earlier this week, the rupee remained at the receiving end against the greenback, closing with a decline of Rs3.18. In recent times, the confidence of investors was dented by an unexpected delay in bailout funds from International Monetary Fund (IMF).