Pakistani rupee registers gains against dollar amid IMF talks

Pakistan’s rupee has been on an upward trajectory on Wednesday against the dollar, appreciating nearly 0.96 percent in the inter-bank market during trading.

During the afternoon trade, the rupee was quoted at 273.65; this represents a gain of Rs 2.63 today.

Tuesday saw PKR depreciate by Rs0.98 or 0.35%, closing at 276.28 per US dollar.

The upward trend is due to ongoing discussions between the Sharif-led government and the IMF regarding the activation of blocked funds.

The cap for the dollar was earlier lifted by the Exchange Companies Association of Pakistan to eliminate "artificial" market demand, and the hot currency has since gained speed.