Pakistani Rupee Gains Significant Recovery After Hitting Record Low

Pakistani rupee gains significant recovery after hitting record low

Islamabad, April 7 : The Pakistani rupee (PKR) has gained a significant recovery after hitting a record low against the US dollar, the central back said.

 Pakistani Rupee Gains Significant Recovery After Hitting Record

The greenback was being traded at 284.42 PKR in the interbank market on Thursday, according to the State Bank of Pakistan.

The US dollar closed at a record low of 287.85 PKR on Wednesday, reports Xinhua news agency.

On the penultimate working day of the week, the local currency appreciated by 3.43 PKR, or about 1.2 per cent, against the US dollar, official figures showed.

According to market analysts, the PKR strengthened after the government told the media about significant progress in its ongoing efforts for the resumption of the International Monetary Fund’s (IMF) program.

The local currency remained under pressure for almost a year, and one of the major reasons for it is the looming uncertainty around the IMF program that had been stalled since last year.

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