Pakistani rupee comes out gunning for US dollar again

By: News Desk
Published: 10:54 AM, 13 Apr, 2022
Pakistani rupee comes out gunning for US dollar again
Caption: Representational image.
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The US dollar took another hit at the hands of Pakistani rupee on Wednesday, crashing down the Rs182 mark as the local currency have started showing some spine after touching historic low of Rs189 on April 7, reported 24NewsHD TV channel.

The forex dealers said that during the business in interbank trading on Wednesday, the US dollar fell to Rs181.82 by losing 20 paisas. The greenback though lost 52 paisas during the day but recovered some towards the end of the trading.

Yesterday, the greenback was closed at Rs182.02.

Experts said during the business in last four trading days the US dollar has lost its value by Rs7.18 which is a very healthy sign.

According to economic experts, the Pakistani rupee has started showing signs of recovery after the political uncertainty has come to an end and a new government has been installed with Shehbaz Sharif as the prime minister. 

The IMF has already announced that it would start its next review for the USD 6 billion bailout programme once a new government would take place. 

The IMF has stalled its review talk with the previous PTI government as the global lender expressed its concern over the relief package announced by former prime minister Imran Khan. 

Apart from this, the State Bank also hiked the policy rate by 250 bps to 12.25% in an emergency meeting on April 7 after rupee plunged to an all-time low to help safeguard it from further dip. 

Reporter Ashraf Khan