Rupee resumes upward trend against US dollar

Pakistani Rupee recovers sharply against US Dollar

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Karachi: The exchange rate of the Pakistani rupee against the U.S. dollar rebounded sharply. On Friday, it appreciated by 1.73 rupees in the inter-bank money market.

According to data shared by the National Bank of Pakistan (SBP), the domestic unit’s exchange rate against the U.S. dollar closed at 176.51 rupees, while the rupee’s exchange rate against the U.S. dollar rose by 1 rupees, compared with the previous closing unit of 177.51 rupees.

According to expert opinions, the government has agreed to the terms of the International Monetary Fund, so Pakistan will receive US$1 billion from it.

At the same time, they also pointed out that Pakistan may soon receive funds from the Asian Development Bank (ADB) and the World Bank.

Earlier this month, Pakistani rupee (PKR) had depreciated 18 paisa as the green back settled the trade at Rs 177.89 per US dollar, against last session s closing of Rs 177.71.

Throughout the session, the local unit traded in a range of 55 paisa per USD showing an intraday high bid of 178 and an intraday low offer of 177.45.

As per the Exchange Companies Association of Pakistan (ECAP), the rupee lost 90 paisa for buying and 60 paisa for selling over the day closed at 179.80 and 180.50 respectively in the open market.

Meanwhile, the currency lost 78 paisa to the Pound Sterling as the day s closing quote stood at Rs 235.34 per GBP, while the previous session closed at Rs 234.55 per GBP.

Similarly, the U.S. dollar depreciated 28 paisa against the euro, and today it closed at 200.83 rupees among the banks.

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