Rupee makes slight gains against US dollar

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ISLAMABAD: The Pakistani rupee made slight gains against the US dollar for the first time in weeks on Wednesday, as the price of the dollar decreased by Rs0.32.

The price of the US dollar has gone down by Rs0.32 to Rs151.60. The previous day, the rupee reached an all-time low at Rs151.92 in the interbank market.

The rupee was losing strength a few weeks after Pakistan confirmed that the IMF had agreed to a $6 billion bailout package.

The currency at the moment is being managed by the State Bank of Pakistan. One of the main conditions attached to the IMF’s bailout package is that the Pakistani currency will be managed by market forces.

The State Bank of Pakistan, which lifted interest rates by 150 basis points on Monday to 12.25%, said it was watching the foreign exchange market closely and would act in the case of “unwarranted” volatility.