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Monday 08 July, 2024
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USD to PKR: Rupee recovers against US dollar, closes at 204

BY Muhammad Noman Jul 04, 2022. 03:04 pm UPDATED: Jul 04, 2022. 03:04 pm

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On Monday, the Pakistani rupee made a comeback and closed the interbank market at 204.56 against the US dollar.

The State Bank of Pakistan (SBP) said that the value of the local currency relative to the US dollar increased by 0.14 percent.

The local currency’s closing price last week was 204.85.

The Pakistani rupee is anticipated to rise even further this week, according to traders, as doubts over the reinstatement of an International Monetary Fund (IMF) programme begin to fade as the nation moves closer to a staff-level deal with the global lender.

Prior to the Eid-ul-Adha festival, market participants are also anticipating a rise in remittance inflows, the dealers continued.

A commercial bank dealer stated, “We expect the rupee to appreciate modestly against the dollar next week amid improving sentiment as clarity is emerging on the IMF programme.”

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