PKR moves up against USD


KARACHI – For the third straight session, the Pakistani rupee on Tuesday appreciated against the dollar as the country secured funds from China while virtual talks with IMF continue for bailout funds.

The local currency registered marginal gains against the greenback and was up 0.44 percent during the early hours of trading. PKR was quoted at 276.70, with an increase of Rs1.22 against the high-flying US dollar in the inter-bank market.

The local currency settled at 277.92, with an appreciation of 0.19% against the US dollar on Monday as foreign exchange reserve held by the country’s central bank shored up after receiving a lifeline of $500 million from the Industrial and Commercial Bank of China (ICBC).

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