PKR snaps 29-session losing streak against dollar, gains 0.65% in interbank

KARACHI: The Pakistani rupee on Tuesday snapped its losing streak of 29 successive session, gaining 0.65 percent against US dollar in interbank.

As per the State Bank of Pakistan (SBP), the currency settled at Rs267.89, an appreciation of Rs1.74 against the US dollar.

Interbank closing #ExchangeRate for todayhttps://t.co/p1hNypZm67 pic.twitter.com/VPoC2n9Q9O

— SBP (@StateBank_Pak) January 31, 2023

On Monday, Pakistan’s rupee had witnessed significant depreciation, settling at 269.63 after a fall of Rs7.03 or 2.61%. This was its weakest inter-bank closing level in history.

The situation has improved since the IMF delegation headed by director Nathan Porter arrived in Islamabad.

For the cash-strapped economy, which has seen its foreign exchange reserves drop dramatically recently, experts have deemed the restart of the IMF program critical.

The IMF mission and Finance Minister Ishaq Dar met, according to confirmation from the Finance Division. The agenda for economic and fiscal changes to complete the 9th review under the Extended Fund Facility was reviewed at the meeting.