Rupee makes 42 paisas gain against dollar

Rupee makes 42 paisas gain against dollar

KARACHI: The Pak Rupee (PKR) made a gain of 42 paisas against the dollar on Wednesday after witnessing deterioration in first two days of the week.

The rupee ended Rs163.47 to the dollar from previous day’s closing of Rs163.89 in the interbank foreign exchange market.

The local currency lost Rs1.46 against the dollar during first two days of the current week. So far the rupee lost around 5.93 against the dollar from the closing of June 30, 2021.

Currency experts said that the rupee gained on reports of funds allocations of $650 billion by the International Monetary Fund (IMF) to boost global economy. Pakistan will get around $2.8 billion out of this allocation.

The experts said that encouraging inflows of exports and workers’ remittances would help the rupee to make gain in coming days.

However, they said the payment against external debt may put pressure on the local currency.

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