PKR appreciates by Rs.8.34 against US dollar

KARACHI: After falling to all time low on Thursday, Rupee appreciated by 8.34 against the US dollar in the interbank market in early trading session on Friday.

The greenback is being traded at Rs.276.75 during the intra-day trade. However, the local currency recorded historic plunge on Thursday as it lost Rs18.98 against the dollar.

Also read: PKR hits new historic low against dollar to close at Rs285.09

Yesterday, the dollar closed at Rs285.09 in the interbank market, according to the State Bank of Pakistan (SBP), down from yesterday’s close of Rs266.11.

Forex experts believed said the currency had been sliding after delays in a deal between Pakistan and the IMF, and that the country was “nearing a default situation” with this delay.

Also read: Markets brace for Pakistan default risk as $7 billion debt looms: Bloomberg

The ECAP general secretary Zafar Paracha too agreed with the point, saying that the main concern in the market was the delay in the agreement with IMF, however, the lender’s condition to peg the currency rate with that of the grey market had triggered uncertainty.

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