ISLAMABAD, Apr 7 (NNN-APP) – Pakistani rupee has gained a significant recovery, after hitting a record low against the U.S. dollar, as the greenback was being traded at 284.42 rupees in the interbank market yesterday, according to the State Bank of Pakistan.
The U.S. dollar closed at a record low of 287.85 rupees on Wednesday. On the penultimate working day of the week, the local currency appreciated by 3.43 rupees, or about 1.2 percent, against the U.S. dollar, official figures showed.
According to market analysts, the rupee strengthened after the government told the media about significant progress in its ongoing efforts for the resumption of the International Monetary Fund’s (IMF) programme.
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 programme that had been stalled since last year.– NNN-APP
