Rupee recovers to Rs156.50 in interbank market
Yesterday, the rupee regained its value by 72 paisa.
KARACHI (Dunya News) – The Pakistani currency has maintained its uptrend in the new fiscal year 2019-20 as rupee further recovers Rs1.11 against the US dollar during the early trade hours in the interbank market on Wednesday.
Consequently, the greenback is being traded at Rs156.50.
Yesterday, the rupee regained its value by 72 paisa. The rupee has regained its value from its historical low of Rs164.05 in the previous week.
According to economic experts, as the International Monetary Fund (IMF) has approved a bailout package of $6 billion for Pakistan on Wednesday – and to comply with its conditions, Pakistan has already met the required terms and conditions – there would be significant positive effects of the financial support on the value of the currency and the state’s economy.
On Friday last week, the rupee registered slight gains against the US dollar in the interbank market, as the price of dollar decreased by Rs4 to close at Rs160.05 at the end of the business week.
Earlier, the investors were worried after rupee devalued rapidly during trading in the last week; however, after passing of the budget and the recovery of the greenback, it has provided a much-needed relief.
On Thursday, the value of the US dollar against the rupee touched another historical high as the greenback hit Rs162.16 in the interbank market after rupee devalued by Rs5.18 from a day earlier. In the open market, the greenback was being traded at Rs162 after gaining an increase of Rs4.8 against the rupee.
The significant hike in the value of the US dollar had raised fears that prices of essential commodities, particularly imported products, would follow the similar trend.
According to experts, the government must ensure implementations on economic policies after the deal with the International Monetary Fund (IMF). It is anticipated that the US dollar rate would fluctuate for some time, and the value of the Pakistani rupee would stabilise after proper implementation of the economic policies.
