PKR’s 29 consecutive winless run ends as it appreciates by Rs1.74 against USD in interbank

USD PKR interbank

Karachi: The Pakistani rupee’s (PKR) winless run of 29 consecutive sessions ended as it finally appreciated against the US dollar in the interbank market on Tuesday.

At the end of today’s session, the local currency gained Rs1.74 or 0.65% against the greenback in the interbank market, the State Bank of Pakistan said.

The PKR had seen a major decline in its value against the USD as it had depreciated by 14.95% in the last three sessions. The sudden depreciation came after the Exchange Companies Association of Pakistan (ECAP) decided to remove the price cap on the USD.

Today’s improvement, however, was inspired by the meeting between the Government of Pakistan, led by Finance Minister Ishaq Dar, and the International Monetary Fund’s (IMF) mission led by Nathan Porter.

The meeting discussed economic and fiscal policies and reforms agenda to accomplish the 9th review under the Extended Fund Facility.

It was learned that during the meeting, the IMF agreed to Pakistan’s request of providing relief via the Benazir Income Support Programme (BISP) to the poor segment of the society but insisted on “strict adherence” to financial discipline.