Pakistani rupee claws back some ground against dollar despite economic uncertainty


KARACHI – Pakistani rupee on Tuesday gained some ground against the US dollar in the interbank market despite any major change in the market’s sentiment.

During the intra-day trading, the local currency moved up around 0.19 percent and was quoted at 283.50 with an improvement of Rs0.53.

Earlier, PKR had registered gains against the greenback, settling at 284.03 in the inter-bank market on the first day of the week, a decline of Re2.32.

Pakistan’s forex reserves moved up after multiple inflows from Beijing, however, there is no major advancement in IMF program. The funds Resident Representative Esther Ruiz Perez said Islamabad did not consult with staff ahead of announcing their recent subsidy proposal on petrol.

This is a developing story, and will be updated later…