KARACHI: Pakistan’s Rupee (PKR) experienced a marginal loss against the US dollar in the inter-bank market during early trading hours on Wednesday after a five-day gap owing to Eid holidays.
Forex dealers reported that the US dollar appreciated by 83 paisas against the local currency at the start of trading, with the greenback currently being traded at Rs284.30. However, at around 10:30 am, the currency had declined by Re0.88, being quoted at 284.35.
It may be recalled that during the last trading day on Thursday, the Pakistani rupee had appreciated by 0.15% against the US dollar in the inter-bank market, settling at 283.47, an increase of 42 paisas.
The recent depreciation of the rupee comes after the currency regained its upward momentum against the US dollar on Thursday last week.
Market participants continue to await the resumption of the International Monetary Fund (IMF) Extended Fund Facility (EFF), which has been stalled since last year. Finance Minister Ishaq Dar has once again stated that the government has met all the conditions of the IMF for the revival of the loan agreement.
