[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]KARACHI: The erratic Pakistani rupee made a significant rebound of 0.54%, or Rs1.53, to settle at Rs280.77 against the US dollar in the interbank market on Friday amid hope for the reinstatement of the International Monetary Fund (IMF) loan programme.
The local currency had already lost a total of 1.57% over the previous two days, or Rs4.43, to reach Rs282.30/$ on Thursday, according to the State Bank of Pakistan (SBP).
The rupee’s most recent bounce, according to an expert, can be attributed to Finance Minister Ishaq Dar’s Thursday statement that Pakistan would reach a staff-level agreement with the IMF in a few days as long as the government remained committed to finishing the $6.5 billion loan programme.
“The rupee-dollar exchange rate is moving on media reports these days instead of on demand and supply of the US dollar in the market,” he said.
Earlier, the rupee hit a record low at Rs285.09/$ on March 2, 2023, according to the central bank.
Also read: Rupee increases as SBP reserves unexpectedly increase.[/vc_column_text][/vc_column][/vc_row]
