Rupee continues upward momentum against dollar, gains Rs4.83 in interbank trade

KARACHI – Pakistani rupee continued to show recovery in the interbank market on Thursday, extending its gains against the dollar by Rs4.83.

Before 12pm, the local currency was being quoted at 268.50, an improvement of nearly Rs5. In the last couple of days, PKR appreciated after hitting its record low against the greenback.

On Wednesday, the rupee continued its upward trajectory against the dollar and closed at 273.33 against the US dollar

Money exchangers are calling it a positive development for the dilapidating economy. Rupee gained momentum as the cash-strapped county is expected to reach a staff-level agreement with IMF, with government officials claiming that the negotiations went successful between the two sides.

Lately, Minister of State for Finance Aisha Ghaus Pasha also shared an update for a revival of the stalled bailout package, confirming that an understanding has been reached with the US-based lender.

Pakistani rupee registers gains against dollar amid IMF talks

Pasha maintained that clearance has also been secured at the prime minister level and added discussions are heading in a positive direction.