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Dollar gains 51 paisa in interbank market against Pak rupee

Dollar gains 51 paisa in interbank market against Pak rupee

KARACHI: The exchange rate of US dollar increased by 51 paisas in interbank market to close at Rs158.95 on Friday. In the open market, the local currency gained 20 paisa to close at Rs159.40 against the greenback.

The rupee had recovered over Rs2.13 within last nine working days. Earlier, the rupee was observed to cumulatively depreciate against the US dollar, and consequently prices of essential commodities were surged, increasing hardships for the general public.

The SBP let the rupee depreciate significantly in the inter-bank market after finalizing an agreement with the International Monetary Fund (IMF) for a loan program on May 12.

The IMF asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar.

On the other hand, the World Bank Group also supported the idea of leaving the rupee free from state control in an attempt to give much-needed boost to exports and fix a faltering economy.

The stringent conditions – on which the global moneylender formally approved the bailout package of $6 billion for Pakistan – seem to have exerted more pressure on the local currency.