Dollar gains Rs.1.3, closes day on Rs.172


KARACHI: After closing at Rs.170.7 on Monday, Dollar gained Rs.1.3 value against rupee at the interbank market. The greenback closed the day at Rs.172.

Rupee had witnessed a steady decline since May earlier this year but gained value of late amidst news of IMF extending the $6 billion loan facility and Saudi Arabia announcing the $3bn support package. A news outlet had reported here on Tuesday that the PM had ‘dropped’ the plan to seek IMF chief’s help on the $6bn deal.

However, Finance Minister Shaukat Tarin took to Twitter and said that the report was ‘completely flawed and baseless’.

Hitting an all-time high last month, Dollar’s value continues to surge as rupee struggles amidst high inflation.

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