USD to PKR: Rupee gains ground against US dollar, rises to 2-week high in inter-bank market

ISLAMABAD – Pakistani rupee recovered some ground against the US dollar in the inter-bank market on Thursday, a day after plunging to an all-time low amid economic uncertainty.

During the intra-day trading, the local currency moved up by Rs2.02 and was being traded at Rs284.60.

Earlier on Wednesday, PKR recovered some ground against the greenback, appreciating by 0.63 percent in the interbank market; it settled at 286.62 with an increase of Rs1.81.

Investors’ confidence remains dented amid continued delay in International Monetary Fund (IMF) program, which has remained stalled since last year. The resumption of the IMF programme for the bailout funds is necessary as the cash-strapped country is facing back-breaking inflation and low foreign exchange reserves.

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