Rupee takes a big jump against US dollar

In view of the IMF relief package for Pakistan and State Bank’s major cut in policy rate, the Pakistani currency on Friday took a big jump against the American dollar as the rupee registered a Rs3.90 increase in its value at the interbank.

The American currency was traded at Rs163, a massive drop from Rs167. The dollar has lost Rs4.39 against the Pakistani rupee since April 7 when it touched an all-time high of Rs167.89.

The latest drop in dollar value comes after the International Monetary Fund on Thursday said its executive board had approved $1.386 billion in emergency financing to Pakistan to meet the balance of payments needed stemming from the novel coronavirus pandemic.

See Also: State Bank cuts interest rate by two percent to 9%

On Thursday, the US dollar grew stronger against the rupee after gaining three paisas in interbank trading and 20 paisas in the open market.

 By the time trading was closed for Thursday, it was available for Rs166.98 in inter-bank exchange after starting the day at Rs166.95. The rate in the open market was Rs167 against the previous day’s level of Rs166.80.