The currency’s volatile ride continued as after successive gains Pakistan’s rupee was back to its losing ways against the US dollar, closing over the 175 level at the inter-bank market on Wednesday.
As per the State Bank of Pakistan (SBP), the PKR finished at 175.04 against the USD after a day-on-day depreciation of 74 paisas or 0.42%. On Tuesday, the rupee had closed at 174.30 against the dollar in the inter-bank market.
The drop comes after the rupee had registered back-to-back gains on Monday and Tuesday, appreciating over 0.5%. The gains came after the currency market got a sense of direction as Pakistan finally reached a staff-level agreement with the International Monetary Fund (IMF).
However, the gains did not last a third session.