Local unit closes at 205.12 against US dollar in interbank market.
KARACHI: The Pakistani rupee staged a handsome recovery against the US dollar on hopes that Pakistan and the International Monetary Fund (IMF) will soon reach a staff-level agreement despite more conditions put forward by the Fund.
A day earlier, Pakistan received the Memorandum of Economic and Fiscal Policies (MEFP) from the IMF for the combined seventh and eighth reviews after which the market expects to receive $2 billion instead of the scheduled $1 billion loan tranche.
The local unit was trading at Rs204 during intra-day trade, however, closed the day at Rs205.12 against the dollar with a fresh gain of Rs1.75, or 0.85%, according to the State Bank of Pakistan (SBP).
Since the beginning of this fiscal year (July 1, 2021) to date, the rupee has collectively dropped by a massive 30.20% (or Rs47.58) compared to the previous fiscal year’s close at Rs157.54.