Pakistani rupee appreciates by 1.53 after slumping against dollar in interbank


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.

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).