Dollar plunges by PKR 1.04 in interbank

Dollar plunges by PKR 1.04 in interbank

KARACHI: The US dollar plunged by Pak Rupee (PKR) 1.04 to Rs174.48 in the interbank foreign exchange market on Friday.

The rupee ended Rs174.48 to the dollar from previous day’s closing of Rs175.52 in the interbank foreign exchange market.

READ MORE: PKR up 89 paisas to dollar as IMF okays Pak tranche

The rupee is gradually making recovery against the dollar for the last eight consecutive days. The local currency recovered Rs2.50 against the dollar since recording at Rs176.98 to the dollar on January 26, 2022.

READ MORE: Rupee gains two paisas against dollar

Currency experts said that the rupee remained positive during the day after the decision of the IMF Executive Board to release $1 billion 6th tranche of EFF program for Pakistan.

Analysts said that the transfer of IMF tranche would help the country to boost foreign exchange reserves and support the local currency.

READ MORE: Dollar falls by 29 paisas against PKR

The foreign exchange reserves of the country deteriorated sharply. Pakistan’s liquid foreign exchange reserves fell by $482 million to $22.085 billion by week ended January 28, 2022 as against $22.482 billion by week ended January 21, 2022.

READ MORE: Dollar slips five paisas to PKR

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