May 27, 2022 (MLN): Snapping a long losing streak, the Pakistani rupee (PKR) has recovered by 2.46 rupees in the interbank market against the US dollar in intraday trade.

The local unit was quoted at 199.55/ 200.05 (10:35 PST) when compared to the previous day’s close of 202.01 against the greenback.

After enduring a freefall for a long time, PKR took a breather as prevailing uncertainty and panic started to wear off from the market on the back of the government’s key decision of increasing petrol prices by a notable amount as per IMF demand.

Market participants are now hopeful that IMF will soon release a tranche of $900 million that would support the dwindling current account deficit.

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