The exchange rate of Pakistani rupee on Thursday increased by Rs0.21 against the US dollar.
The greenback is currently trading at 166.55 against the domestic currency at the interbank foreign exchange market. The dollar had finished at Rs166.76 against the local unit the other day.
The dollar fell against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the US currency.
The euro could get a further boost later in the day as Germany is scheduled to release export data. Economists expect shipments from the euro zone’s largest economy to rebound sharply in May from a large decline in the previous month.
Earlier, the SBP let the rupee depreciate massively in the inter-bank market after finalising an agreement with the International Monetary Fund (IMF) for a loan programme on May 12. The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar and other major world currencies.
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