Rupee continues to recover against US dollar in Interbank marketBreaking

June 16, 2022

The rupee extended gains against the United States (US) dollar in the interbank currency market on Thursday.

According to foreign currency dealers, the Pakistani rupee gained Rs0.13 to Rs201.40 in early morning trade.

The US dollar in the open market is being sold between Rs202 to Rs206, said forex dealers.

After hitting an all-time high of Rs202.83 on Tuesday, the greenback lost Rs1.31 against the rupee to close at Rs201.52 on Wednesday.

According to experts, the resumption of the IMF programme is a must to stabilize foreign exchange reserves.

On May 19, the dollar had reached a record high of Rs202.83 for the first time in the interbank market.

The respite for the rupee had come only after the government had increased the fuel prices by a whopping Rs30 a litre, paving the way for the release of a $1 billion tranche from the International Monetary Fund (IMF).

The World Bank has reportedly approved $258 million for the National Health Support Programme to strengthen the primary health care system.