KARACHI – Pakistani rupee remained under pressure against the US dollar, moving down Rs1.07 during intra-day trading on Friday.
At noon, the embattled rupee was being traded at 277.53, with a drop of Rs1.07 in the interbank market.
The Pakistani rupee was expected to show some resistance following IMF bailout but instead, dollar makes comeback. As USD moved up in interbank, the open market witnessed a dissimilar situation.
On Thursday, the greenback experienced a decline of 2 rupees against the Pakistani rupee, however, it makes a snap comeback.
The upward trajectory of the US dollar in the interbank market shows global economic conditions, the country’s current account deficit, and the demand and supply dynamics in the local market.
Earlier this week, IMF deposited $1.2 billion into Pakistan’s central bank, giving boost to the economy reeling from dollar shortage and record inflation.
Pakistan’s foreign exchange reserves rise above $9.83 billion: State Bank
