US dollar loses ground against Pak Rupee, reaches Rs228

The Pakistani rupee continued its upward trajectory against the US dollar as PKR’s value appreciated by Rs1.63 in front of the USD in the interbank trading Friday.

Forex dealers said that the local currency is on an ascending spree and thrashed the American currency by Rs1.63 during the trading activity on the last business day of the week.

The dollar exchanged for Rs228 and was down by Rs1.63 from Thursday’s close of Rs229.63.

Federal Finance and Revenue Minister Ishaq Dar Thursday had a virtual meeting with the International Monetary Fund (IMF) Mission Chief Nathan Porter.

The minister briefed him on the economic situation caused by the devastating floods, affecting infrastructure, crops and livelihood.

Dar said the government would take measures to reduce burden on economy while protecting vulnerable sections of the population. He said the government aimed to address structural issues so that Pakistan could end its fiscal deficit and move towards sustainable growth.

He also recalled the meeting of Prime Minister Shehbaz Sharif with the IMF MD during his visit to the US in which the latter had pledged support to Pakistan in this difficult situation and reconsider the programme conditions.