Rupee continues upward trajectory against US dollar in interbank market

Karachi: The Pakistani currency continued its upward trajectory against the US dollar in the interbank market, marking the fourth consecutive working day of gains, according to sources on May 27.

The State Bank of Pakistan reported that the local unit (PKR) strengthened by Rs0.59, closing at 285.15 against the USD, while the US dollar ended the day at Rs285.74.

Interbank closing #ExchangeRate for todayhttps://t.co/vbNbrLpAuB pic.twitter.com/qmNyJmkUUS

— SBP (@StateBank_Pak) May 26, 2023

In contrast, the open market saw the dollar being traded at over Rs300.

Last week, the rupee hit a record low of 298.93 against the US dollar.

Experts attribute the fluctuation in the dollar rate to the impasse over the IMF deal and ongoing political unrest in the country. With the delay in the revival of the $6.5 billion IMF bailout program, Pakistan is now seeking additional funding from friendly nations.

The staff-level agreement between the International Monetary Fund and Pakistan has been postponed since February 9.