Rupee makes slight recovery in interbank market
October 17, 2018
KARACHI: After a week of losing value against the greenback, the rupee made a slight recovery in the interbank market on Wednesday.
The dollar depreciated by Rs0.09 during the day's trade, with the market closing at Rs133.76.
During yesterday's trade, the greenback's price increased by Rs0.5 to reach Rs133.75.
The rupee witnessed a downward spiral in the past week, as the market reacted to news of Pakistan formally seeking financial assistance from the International Monetary Fund (IMF).
Following a steep increase in the greenback's price last week, the rupee made a recovery against the dollar in the interbank market on Friday as it was trading at Rs132.40 in the interbank, down Rs1.40 and closed at Rs131.93, down by Rs1.87.
The IMF has asked Pakistan to disclose its debts with “absolute transparency” to receive a bailout package, as the government deals with the challenge of a prevalent financial crisis.
If a package is agreed, it would be Pakistan’s 13th IMF bailout since 1988. The Fund lent Islamabad $6.7 billion in 2013.
