USD to PKR: Pakistani rupee crawls back against US dollar after hitting record low

KARACHI – Pakistani rupee came back to life on Wednesday in the interbank market against the US dollar amid good news from the economic front as Pakistan is likely to get assurance from UAE for IMF bailout funds.

During the intra-day trading, the local currency was quoted at 288, with an improvement of Rs0.43.

Rupee makes comeback a day after it plunged to a new all-time low against the US dollar, settling at 288.43 in the inter-bank market after a loss of Rs1.34.

The money market remained unstable as the local unit remained under pressure. The South Asian nation has been negotiating with the global lender since last year to secure much-needed funding as part of a $6.5 billion rescue programme.

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