The US dollar which started the day on backfoot rebounded against the Pakistani rupee in interbank market on Wednesday as political drama unfolds with the country in the grip of a stark economic downturn, risking default if help cannot be secured from the International Monetary Fund, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the greenback which shed 29 paisas in the morning against the Pakistani rupee later staged a comeback and appreciated by 56 paisas and ended the day at Rs282. 85.
On Tuesday, the Pakistani rupee registered back-to-back losses against the US dollar, depreciating by 0.24% in the inter-bank market as it settled at Rs282.29, a decline of 68 paisas.
The market is keenly awaiting resumption of the stalled International Monetary Fund (IMF) Extended Fund Facility (EFF) programme, which is crucial for the cash-strapped Pakistani economy.
In a related development, it was learnt that the government has reportedly decided to seek the United States’ help in reaching a staff-level deal with IMF.
Finance Minister Ishaq Dar will be reaching out to Ambassador Donald Blome to seek the Biden Administration’s role in reaching a staff-level deal with the IMF.
Reporter Ashraf Khan