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Tuesday, December 24, 2024

Home Pakistan Pakistani rupee finally snaps losing streak against US dollar after IMF review success

Pakistani rupee finally snaps losing streak against US dollar after IMF review success

by Web Desk (Lahore)
November 16, 2023
in Business, Pakistan

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KARACHI – Pakistani rupee has ended its seventeen-day losing streak to close at 287.38 against the US Dollar on Thursday.

Data shared by central shows local currency Pakistani rupee finally ended its depreciation run against the greenback, as it increased. The local currency settled at over 287 with an increase of Rs0.76.

Earlier, the struggling currency remained under pressure to settle at 288.14 against the USD.

Interbank closing #ExchangeRate for todayhttps://t.co/aPIx679tAQ #SBPExchangeRate pic.twitter.com/JQ1irnA5Vx

— SBP (@StateBank_Pak) November 16, 2023

Dollar Rate in Pakistan today

In open market, the local currency turned around, strengthening in light of positive economic developments. During the intra-day trading, PKR was quoted at 289 for selling and 286 for buying.

The rupee bounced back as Pakistani authorities International Monetary Fund (IMF) staff on Wednesday reached a staff-level agreement.