After touching an all-time high of Rs188.18, the US dollar depreciated Rs1.43 against the Pakistani rupee in the early trading in the interbank on Monday.
According to forex dealers, the greenback is currently trading at Rs182.70 after depreciating by Rs1.43 against the local currency in intra-day trading.
In the last two sessions, the dollar is down by Rs4.93 against the local currency. On Thursday, the US dollar closed at a historic high of Rs188.18 in the interbank market.
The local currency started recovering from its steep fall against the US dollar after political turmoil in the country subsided following a no-confidence motion against former prime minister Imran Khan sailed through the lower house of the parliament the previous day.
The impact of the political situation put pressure on the rupee after which it breached the Rs185-mark for the first time. The rupee had lost its worth by more than 3 per cent or Rs5.4 since March 8, when the no-confidence motion against Imran Khan was submitted in the National Assembly.
Earlier, International Monetary Fund’s resident representative in Islamabad Esther Perez Ruiz said that the fund would engage with the new government once it was formed.
“The Fund looks forward to continuing its support to Pakistan and, once a new government is formed, we will engage on policies to promote macroeconomic stability, and inquire about intentions vis-a-vis programme engagement,” she had said adding “There is no concept of suspension within IMF programmes.”
