After three straight days of ascent, the US dollar slid 55 paisa in the interbank market on Wednesday as pressure on the rupee eased.
According to the Forex Association of Pakistan (FAP), the greenback was trading at Rs201.45 around 11:50am after losing 55 paisa against the previous day’s close of Rs202. (The FAP’s closing rate from the previous session is lower than the official rate of Rs202.83 released by the State Bank of Pakistan).
The dollar’s fall marks the end of an three-day winning streak that was largely attributed to pending oil payments and uncertainty about the resumption of International Monetary Fund’s $6 billion facility.
