KARACHI
The slide of the US dollar against the rupee continued on Thursday after the government’s decision to implement conditions for the release of a $1 billion tranche from the International Monetary Fund (IMF) and ban on non-essential imports.
In the interbank, the US dollar shed Rs0.28 to trade at Rs197.59 while in the open market, the greenback traded between Rs197 and 202. It is pertinent to mention here that the PKR continued to regain some ground against the USD in the interbank market.
According to data issued by the State Bank of Pakistan (SBP), the local currency gained by 59 paisas against the US Dollar and settled at Rs197.87 in the interbank market on Wednesday. The PKR has fought back and gained by Rs4.14 after reaching an all-time high of Rs202 against the greenback on May 26, 2022.
The local currency gained by 30 paisas in the open market too and settled at Rs198. Recent negotiations with the International Monetary Fund (IMF) and a possible accord have halted the downward streak of the PKR in the open as well as the interbank market. The government had also increased petroleum prices to meet the IMF’s prerequisites for the sanctioning of the economic relief package.
