USD gains 85 paisas against rupee amid IMF delays

Amid a standoff on an agreement between the IMF and Pakistan, the American currency gained 85 pasias to reach Rs282.85 against the rupee at the closing time of interbank trading.

According to forex traders, the value of the US dollar kept fluctuating during the day, with a 19 paisa fall to Rs1.22 gain, and eventually settled at a rise of just 85 paisas against the local currency.

In the open market, the greenback gained Re1 against the rupee to settle at Rs286.

The government’s impasse with the IMF has brought record devaluation in the local currency in the recent weeks against the mighty dollar.

Forex experts termed the standstill between the international lender and Pakistan’s economic wizards behind the fresh plunge in the forex market.