KARACHI: The Pakistani rupee (PKR) on Thursday continued its upward trend against the US dollar in the interbank market, ARY News reported quoting SBP.
According to the State Bank of Pakistan, the local unit (PKR) recovered Rs1.39 against USD to close at 285.74. The US dollar closed at Rs287.13 the other day.
Meanwhile, the dollar is being sold at over Rs300 in the open market.
Interbank closing #ExchangeRate for todayhttps://t.co/bcLz8SOKBm pic.twitter.com/WR6OVIdLsT
— SBP (@StateBank_Pak) May 25, 2023
The rupee finished at a record low of 298.93 against the US dollar in last week.
Experts believe the surge in USD was witnessed following a deadlock over the IMF deal and ongoing political unrest in the country.
Following the delay in the revival of $6.5 billion International Monetary Fund (IMF) bailout programme, Pakistan is now looking towards friendly countries for more funding.
The staff-level agreement between International Monetary Fund and Pakistan is being delayed from February 9.
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