Rupee posts massive appreciation against US dollar, recovers by Rs10.38

KARACHI (PEN) – The Pakistani Rupee (PKR) on Wednesday continued its winning streak in interbank and open market against the dollar.

According to details, the US dollar lost Rs10.38 in the interbank against the rupee and was being traded around Rs228. In the open market, the greenback was being traded at Rs235.

A day earlier, the International Monetary Fund (IMF) on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) program.

The rupee has recovered for a third consecutive session after weeks of persistent declines in its value which has been largely attributed to the ease in import payments.