Rupee continues to gain value against US dollar

Karachi: The Pakistani rupee on Wednesday continued to gain value against the US dollar in the interbank.

The rupee appreciated 0.23% in the interbank market.

The  State Bank of Pakistan (SBP) said that the local unit currency closed at 261.90 against the US dollar after appreciating an increase of Rs0.61.

Interbank closing #ExchangeRate for todayhttps://t.co/9u7hjEWRxR pic.twitter.com/uyFgaDNDy3

— SBP (@StateBank_Pak) February 22, 2023

Earlier, the greenback had closed at Rs262.51.

The currency (Pakistani rupee) depreciated by 22.4% during the ongoing fiscal year against the greenback.

The US dollar gained over Rs30 in the interbank market since the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.

The rise is attributed to the resumption of $7 billion Extended Fund Facility (EFF) stalled for months.

Pakistan was eyeing to reach an agreement with the International Monetary Fund (IMF) that would not only lead to a disbursement of $1.2bn but also unlock inflows from friendly countries.