Dollar closes near Rs160 against PKR

The US dollar exchange rate rose on Friday— the last day of the week, clawing back some of its losses sustained during the week.

In the interbank market, the rupee was belittled by 0.40% against the dollar.

According to the central bank's data, the US dollar rose by 64 paisas against the Pakistani rupee to Rs159.94 in the interbank market.

On the other hand, according to Forex dealers, the US dollar exchange rate has risen by 65 paisas to Rs160.

Earlier, the SBP let the rupee depreciate massively in the inter-bank market after the finalisation of an agreement with the International Monetary Fund (IMF) for a loan programme on May 12, 2019. 

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 and other major world currencies.

Also, the World Bank, which finances some of the infrastructure and social safety net projects in Pakistan, has supported the idea of leaving the rupee free from state control in a bid to give a much-needed boost to exports and fix a faltering economy.

It may be recalled that during the current financial year, the exchange rate fluctuated sharply and in August 2020 (FY 21), the rupee depreciated to its lowest level against the dollar, reaching Rs168.70 on August 20 last year.

Also, the World Bank, which finances some of the infrastructure and social safety net projects in Pakistan, has supported the idea of leaving the rupee free from state control in a bid to give a much-needed boost to exports and fix a faltering economy.

It may be recalled that during the current financial year, the exchange rate fluctuated sharply and in August 2020 (FY 21), the rupee depreciated to its lowest level against the dollar, reaching Rs168.70 on August 20 last year.

More From Business