After continuous hammering by the US dollar all day along on Friday, the Pakistan rupee hit back at the greenback and went up by 27 paisas as the business closed for the week in the interbank market, reported 24NewsHD TV channel.

The rupee concluded the day at Rs186.70 up 27 paisas against the dollar.

https://twitter.com/StateBank_Pak/status/1517436783595769858

Throughout the day, the American currency traded in positive territory after gaining 73 paisas in its value against rupee in the interbank trading.

On Thursday, the dollar was traded at the rate of Rs186.97 at the time of closing of business.

The greenback gained value for the fifth straight day after suffering heavily at the hands of the Pakistani rupee during the previous week.

During the last five days of business, the US dollar has gained Rs5.85.

Since the new government came into being, the US dollar lost almost eight rupees as before that the American currency was inching towards the Rs190 against the Pakistani rupee.

According to the State Bank of Pakistan, its total liquid foreign reserves fell to $17.05 billion as of April 16, 2022. Last year in the corresponding month of April, the SBP forex reserves stood at $22,689.8.

https://twitter.com/StateBank_Pak/status/1517089153644695552

Economic experts were of the view that the Pakistani rupee was under immense pressure due to the skyrocketing import bill and over debt repayments.

The new surge in the US dollar rate was apparently due to the upcoming talks between the Pakistan government and the International Monetary Fund (IMF).

The seventh Pakistan-International Monetary Fund (IMF) review talks got underway in Washington DC the other day.

Yesterday, Finance Minister Ismail; Miftah headed to US for the IMF talks.

State Bank of Pakistan Governor Reza Baqir has also reached Washington to attend the talks, which will continue until April 24.

Talking to media on Thursday, Miftah said “We have to revive our relations with the IMF (to tinker our economy). That’s why I’m going to US.”

He said if talks with the IMF went well, then it would bring stability in the value of rupee.

https://twitter.com/MiftahIsmail/status/1516870378769035269

Reporter Habib Khan