PKR-sheds-1-58-rupee,-hits-176-7-against-USD-The-Correspondent

The Pakistani rupee saw modest recovery against the US dollar on Thursday morning in response to the news of a staff-level agreement being reached with the International Monetary Fund (IMF).

The greenback shed 85 paisas in the interbank market to stand at Rs209.25.

In the open market, the dollar slid by 50 paisas to Rs211.

According to State Bank of Pakistan (SBP), the local currency closed at 210.10 on Wednesday, having depreciated by 1.04%.

Pakistan-Kuwait Investment Company head of research Samiullah Tariq said that with the announcement of staff level agreement, “the sentiment in the currency market has improved as refinancing risk has significantly reduced”.

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