LAHORE – Pakistani currency managed to recoup losses against the US dollar in the interbank market, as experts link the local unit’s appreciation to successive review of IMF.

Pakistani rupee plunged against the greenback for import payment pressure, after Islamabad and the International Monetary Fund (IMF) reached a staff-level agreement on the first review under the Stand-By Arrangement (SBA).

Dollar rate in Pakistan today

Data shared by the central bank suggests that PKR moved up in the inter-bank market on Friday.

It showed resistance in the early hours of trading and later settled at 286.50, with an increase of Rs0.88.

On Thursday, the local currency ended its weeks long losing streak against the US dollar.

USD to PKR

In open market, the local currency witnessed improvement against the US dollar. The rupee was quoted at 285.50 for buying and 288.50 for buying purposes for customers.

In the inter-bank market, PKR hovered at the 286 level and closed at 285.75 for buying and 288.75 for selling.

Meanwhile, the gap between rates in inter-bank and open markets is required to be less than 1.25pc under one of the structural benchmarks set by the International Monetary Fund (IMF).