KARACHI – Pakistani rupee on Wednesday gained some ground against the US dollar in the interbank market despite any major change in the market’s sentiment.
Rupee makes a comeback a day after hitting to all-time lows, and recovered some ground against the greenback, moving up around 0.63 percent in the inter-bank market.
Data shared by the central bank suggest that local currency settled at 286.62, with an increase of Rs1.81.
Interbank closing #ExchangeRate for todayhttps://t.co/heU1EGoPqr pic.twitter.com/djJWBtOsyB
— SBP (@StateBank_Pak) April 12, 2023
On Tuesday, PKR plunged to a new all-time low against the US dollar in the inter-bank market after a back-to-back loss.
Finance pundits claimed that continued delays in International Monetary Fund (IMF) programme hampered the money market sentiment. All eyes are now on IMF program as the crisis hit country facing back-breaking inflation and low foreign exchange reserves.
Earlier in the day, the global lender revised Pakistan’s GDP growth rate projection from 2pc to 0.5pc for the current fiscal year.
Dollar busts previous record, reaches all-time high against Pakistani rupee
