For fifth straight session, dollar continues slump against rupee

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

Bolstered by the statement of IMF’s Resident regarding the completion of all prior actions for loan review and improved macros, the Pakistani rupee (PKR) continues to gain ground in the interbank market and the US dollar lost Rs3.79 in the interbank against the rupee and was being traded around Rs225. In open market, the greenback was being traded around Rs227.

A day earlier, the rupee made a strong recovery in the interbank market on Wednesday, rising by Rs9.59 against the dollar — its highest single-day gain ever.

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 fourth consecutive session of the current week after weeks of persistent declines in its value which has been largely attributed to the ease in import payments.