Tuesday May 31, 2022

Dollar Closes on Rs198.46 in Interbank

KARACHI: The Pakistani rupee’s uptrend persisted on Tuesday as the currency gained 0.30% against the US dollar in the interbank market, closing at Rs198.46.

There has been a concern about what would happen if the International Monetary Fund (IMF) does not revive the stalled multi-billion dollars programme, however, following the massive hike in the price of petroleum products — a prerequisite set by the lender — the currency market reacted positively to the fast-changing developments.

Moreover, the local currency recovered in view of the interest rate hike and the State Bank of Pakistan’s (SBP) measures to cut imports and reduce inflationary pressures.

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