Pakistani rupee makes minor gain against US dollar, settles at 283.66


KARACHI – Pakistani rupee on Thursday registered a minor gain against the US dollar, appreciating 0.09 percent in the inter-bank market.

Data shared by the State Bank of Pakistan (SBP) shows local currency settling at 283.66, with a snap gain of Rs0.26.

On Wednesday, PKR failed to hold ground against the high-flying dollar, and closed at 283.92 in the inter-bank market.

On the other hand, the Pakistani rupee lost 50 paisa for both buying and selling against the dollar in the open bank market and closed at 284 and 287 separately.

Money market is yet to respond to any positive development as the rupee shows no big gains despite much-needed inflows from Beijing. Pakistan is now the only South Asian nation that’s yet to salvage a bailout from the IMF as Sri Lanka got funds while Bangladesh pushes on with carrying out reforms.

In a recent development, State for Finance Dr Aisha Ghaus-Pasha said the global lender wants to verify pledges from friendly nations, justifying the delay in release of bailout funds.