Rupee reaches 268.83 per dollar

The rupee came under pressure once more on Wednesday losing 0.35 percent against the US dollar after seeing modest recovery the previous day.

The local currency depreciated by Rs0.94 against the US dollar to settle at Rs268.83, according to the State Bank of Pakistan (SBP). During the current fiscal year the currency’s value versus the US dollar has decreased by 23.80 percent.

The rupee made some progress on Tuesday, the first time in 29 sessions, and ended the day at 267.89, up Rs1.74 or 0.65 percent.

The International Monetary Fund (IMF) on Tuesday requested Pakistan to abolish untargeted subsidies, decrease circular debt, fulfil petroleum levy and Federal Board of Revenue (FBR) tax collection objectives among other important developments.

PKR increased Rs1.50 for both purchasing and selling versus the USD on the open market finishing at 272 and 275 respectively.

The PKR increased by 50 paisas while purchasing and selling against the Euro closing at 292.50 and 295 respectively.

PKR increased 50 paisas on both purchasing and selling against the UAE Dirham finishing at 74 and 74.70 respectively.

Pakistani rupee (PKR) increased against the Saudi riyal by Rs1.30 and Rs1.50 respectively, finishing at 71.50 and 72.