PKR continues to recover, appreciates by 1 rupee

May 30, 2022 (MLN): Continuing its upward journey, the Pakistani rupee (PKR) has managed to gain a further one rupee in the interbank market against the US dollar during intraday trade.

The local unit was quoted at 198.80/ 198.90 (10:36 PST) when compared to the previous day’s close of 199.76 against the greenback.

This appreciation is attributed to the government’s decision to rising petrol prices which has taken back the cash-strapped economy one step closer to IMF’s deal. Meanwhile, Prime Minister has also announced a Rs28 billion package for the poor segment to counter the inflationary pressure.

However, the relief package would be released after final approval by the fund. Minister for Finance and Revenue, Miftah Ismail informed that the staff-level agreement with IMF would be signed next month (June).

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