Rupee recovers, closes at 159.59 against dollar in interbank market

KARACHI  – The Pakistani rupee on Wednesday further appreciated by 50 paisa against the US dollar and hit Rs159.59 in the interbank market.

In the open market, the local currency followed the similar trend and gained 46 paisa to hit Rs159.59 against the greenback.

Yesterday, the rupee appreciated by 40 paisa against the US dollar in the interbank market, and hit Rs160.05.

In the previous week, the Pakistani rupee depreciated by 39 paisa against the greenback and closed at Rs160.58 in the interbank market on Friday.

In the open market, the greenback with slight fluctuation in the whole previous week maintained its value around Rs160.70.

The rupee has been observed to cumulatively depreciate against the US dollar, which in turn has resulted in increased prices of goods and hardships for the general public.

Earlier, the SBP let the rupee depreciate significantly in the inter-bank market after finalising an agreement with the International Monetary Fund (IMF) for a loan programme on May 12.

The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar.

On the other hand, the World Bank Group has also supported the idea of leaving the rupee free from state control in an attempt to give much-needed boost to exports and fix a faltering economy.

In previous weeks, the local currency has depreciated massively despite receiving the first tranche of $991.4 million from the International Monetary Fund (IMF).

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