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Pak Rupee weakens by 33 paisa against US dollar

Pak Rupee weakens by 33 paisa against US dollar

KARACHI: Pakistani rupee recovered 33 paisa against US dollar in interbank market and closed at Rs160.45.

In the open market, the rupee appreciated against the greenback by 20 paisa and was traded around Rs160.70.

The rupee saw a volatility free session as very little movement was recorded trading in a range of 19 paisa per USD showing an intraday high bid of 160.70 and an intraday Low offer of 160.55.

Earlier, the rupee continued to lose ground and cumulatively depreciate against the US dollar. In previous weeks, despite after receiving the first tranche of $991.4 million from the International Monetary Fund (IMF), the Pakistani rupee had continued its downward trend against the US dollar.

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

The gradual drop in the rupee had come due to high demand for the dollar against thin supply as the country continued to make aggressive international payments to partially pay off huge foreign debt and for imports.