PKR makes recovery against US dollar

The PKR gained 83 paise against the USD in the interbank and trading at Rs286.55.

The banks are selling the dollar to importers at Rs287.35, while in the open market the greenback is being sold at Rs289, the forex dealers said.

The State Bank of Pakistan said the rupee closed at Rs287.38 the other day.

According to market experts, the Pakistani rupee is appreciating against the greenback as Pakistan and the International Monetary Fund have reached an agreement on the first review of the 9-month SBA.

On Wednesday, the International Monetary Fund (IMF) announced that its staff and Pakistani authorities have reached an agreement on the first review of the $3-billion, Stand-By Arrangement (SBA).