USD to PKR: Pakistani rupee recovers slightly against dollar in interbank market

KARACHI – Pakistani currency continued positive trajectory for the second consecutive day, as it made fresh nominal recovery of Rs0.15 against the US dollar in the inter-bank market on Wednesday.

During the intra-day trading, the local currency appreciated by 0.05percent, and was quoted at 283.40.

On Tuesday, Pakistani rupee remained stable, settling at 283.55 in the inter-bank market, with an increase of Re0.03.

Investor’s confidence is however still dented in wake of delay in International Monetary Fund’s bailout programme.

Amid the uncertainty, Prime Minister Shehbaz Sharif claimed that global lender was onboard but asked for a step-by-step guarantee over previous breaches by Imran Khan led government. He said IMF wants external financing commitments fulfilled from friendly nation before unlocking the crucial funding.

More to follow…