BusinessRupee Sharp Retrieval Against US Dollar

Rupee Sharp Retrieval Against US Dollar

KARACHI: After suffering enormous losses this week the rupee on Wednesday made a partial retrieval of Rs2.23 against the US dollar in the interbank market on Wednesday morning, ARY News reported

Rendering to the Forex Association of Pakistan (FAP), the greenback was trading at Rs200.61.

Around 10:25am after losing Rs2.60 in contradiction of the previous day’s close of Rs202.

The US dollar is being sold at between Rs201 to Rs204 in open market in contradiction of the rupee, said forex dealers.

The Pakistani rupee on Tuesday additional weakened in the interbank market.

And closed at 202.83 against the US dollar amongst budget reservations as matters with the International Monetary Fund (IMF) are yet to finalized.

Rendering to experts, the resumption of the IMF program is a must to become stable foreign exchange reserves.

On May 19, the dollar had stretched a record high of Rs200 for the first time in interbank market.

The interval for the rupee had come only after the government had amplified the fuel prices by a enormous Rs30 a litre.

Paving the way for the release of a $1 billion tranche from the International Monetary Fund (IMF).

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