ISLAMABAD – Days after nose-diving to a critical level, the Pakistan rupee on Monday recovered against the US dollar, with finance experts attributing it to slight betterment in the country’s forex exchange reserves.
On the first working day of the week, the rupee closed at Rs277.92 per dollar in the interbank market, an appreciation of 0.19 percent, data shared by the State Bank of Pakistan revealed.
Interbank closing #ExchangeRate for todayhttps://t.co/GKVH94C1Cq pic.twitter.com/wPytmPfx4m
— SBP (@StateBank_Pak) March 6, 2023
Last week, the rupee plunged by over 6 percent against the greenback, settling at 278.46 in the inter-bank market amid political and economic uncertainty.
At the global level, the greenback made a jittery start as investors awaited testimony from Federal Reserve Chair Jerome Powell this week.
Meanwhile, the bailout funds from International Monetary Fund (IMF) were still not on track as the global lender directed Pakistan to give an assurance that its balance of payments deficit is fully financed for the remaining period of its programme.
