KARACHI: The US dollar extended gain against the Pakistani Rupee (PKR) on Thursday to end at PKR 221.95 in interbank foreign exchange market.
The exchange rate recorded a decline of 52 paisas in rupee value to end at PKR 221.95 against the dollar from previous day’s closing of PKR 221.43 in the interbank foreign exchange market.
READ MORE: Dollar gains 78 paisas to end PKR 221.43 in interbank
Currency experts said that the dollar witnessed appreciation globally following a sharp rise in treasury yields after the Federal Reserve signaled the interest rates would likely spike.
The Fed a day earlier raised its benchmark funds rate by 75 basis points to 3.75-4 per cent as widely expected.
During the last week the rupee witnessed massive deterioration against the dollar after the PTI chief announced the protest rally.
READ MORE: Rupee rebounds after Dar holds meetings with banks, exchange companies
PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.
Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).
READ MORE: Rupee crashes to dollar as PTI long march starts
Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.
Interestingly, the amount of $1.5 billion was received last night by the State Bank of Pakistan (SBP). However, the fund transfer also failed to support the local currency.
READ MORE: Dollar climbs to PKR 221.50 on rising political tension
