Abb Takk News

Rupee Gains 4.70 Against US Dollar

KARACHI: The rupee snapped its losing streak against the US dollar, gaining Rs4.70 n the interbank market a day after the government secured the much-anticipated deal with the International Monetary Fund (IMF).

According to details, the dollar was trading around Rs207.5, against Wednesday’s record high of Rs211.93.In open market, local currency also gain Rs3.5 against the greenback, which closed Rs207.23

The development comes after weeks of persistent declines in the rupee’s value, which has been largely attributed to the country’s rising import bill and depleting foreign exchange reserves.