Pakistani Rupee gains value against US dollar in interbank market
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The Pakistani rupee was back in top gear against the US dollar as the local currency listed a solid performance in the interbank market on Wednesday.
The rupee, which also traded in positive territory against the greenback all day long on Tuesday but faltered towards the end of trade, again flexed its muscles in Wednesday and went up by a healthy margin of Rs2.95 and ended the day at Rs273.33.
On Tuesday, the local currency depreciated by 0.35% in the inter-bank market. As per the State Bank of Pakistan (SBP), the Pakistani currency closed at 276.28 against the US dollar, a decline of 98 paisas.
The currency has depreciated by 25.82% during the ongoing fiscal year against the greenback.
Experts believed that the rupee stumbled on Tuesday because of the return of the pressure regarding conclusion of the technical-level talks between Pakistan and the International Monetary Fund (IMF) team. The policy-level discussions were expected to start soon.
