Friday May 27, 2022

Dollar Drops Below 200 Against PKR

KARACHI: With the hopes of the revival of the International Monetary Fund (IMF) programme, the US dollar on Friday slid by Rs2.25 against the Pakistani currency, to close at Rs199.73 in the inter-bank market. 

The downslide in the dollar’s value occurred after the government decided to remove petroleum subsidies in line with the conditions of the International Monetary Fund (IMF).

The subsidy removal meant the government imposed a major hike in petroleum prices.

On Thursday, the dollar continued to fluctuate and closed at Rs202.1 in the interbank market.

In the open market, the dollar was being bought for Rs200 and being sold at Rs202 at the end of the day.

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