Rupee continues to recover against US dollar, trades at 218.59

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PSX turns around, gains 155 points

The Pakistani rupee on Wednesday gained Rs1.53 against the US dollar in the inter-bank market on Wednesday, continuing the previous day’s upward trend in the wake of the revival of the International Monetary Fund (IMF) loan programme, which was extended to $6.5 billion.

The local currency was being traded at Rs218.59 and had closed at Rs220.12 on Tuesday. With the latest recovery, the domestic currency has cumulatively regained Rs3.33 against the greenback in the past two days.

The recovery came also due to the downward trend in the international crude oil market as Pakistan met over 70% of its energy demand through imports.

 

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