PKR recovers sharply against USD

Pakistani Rupee recovered sharply against US dollar with an appreciation of Rs1.73 in the interbank currency market on Friday.

According to the data shared by the State Bank of Pakistan (SBP), the domestic unit finished at Rs176.51 against the US currency while the rupee recorded appreciation of Rs1 compared to the previous finishing unit of Rs177.51.

As per the expert opinion, the government has agreed on the conditions of IMF, hence Pakistan will receive $1 Billion from it.

Meanwhile, they have also pointed out that Pakistan might also receive funds from Asian Development Bank (ADB) and World Bank soon.

Earlier this month, Pakistani rupee (PKR) had depreciated 18 paisa as the green back settled the trade at Rs 177.89 per US dollar, against last session s closing of Rs 177.71.

Throughout the session, the local unit traded in a range of 55 paisa per USD showing an intraday high bid of 178 and an intraday low offer of 177.45.

As per the Exchange Companies Association of Pakistan (ECAP), the rupee lost 90 paisa for buying and 60 paisa for selling over the day closed at 179.80 and 180.50 respectively in the open market.

Meanwhile, the currency lost 78 paisa to the Pound Sterling as the day s closing quote stood at Rs 235.34 per GBP, while the previous session closed at Rs 234.55 per GBP.

Similarly, the green back s value weakened by 28 paisa against EUR which closed at Rs 200.83 at the interbank today.

ePaper - Nawaiwaqt