KARACHI, June 02(ABC): The Pakistani rupee strengthened for a fifth straight day on Thursday on the back of US dollar selling from exporters, while hopes that Pakistan and the International Monetary Fund (IMF) would reach a staff-level agreement to resume the bailout this month also supported the local unit.
According to data released by the State Bank of Pakistan (SBP), the local currency closed at Rs197.59 in the interbank market, after gaining 0.14%. The rupee closed at Rs197.87 against the greenback a day earlier.
Foreign exchange dealers believe that the liquidity has improved as exporters are bringing dollars to the market which has eased pressure on the currency.
Since the beginning of this fiscal year (July 1, 2021) to date, the rupee has collectively dropped by a massive 25.42% (or Rs40.05) compared to the previous fiscal year’s close at Rs157.54.
