The rupee gained value against the US dollar at the start of the day in interbank trading. The greenback traded at Rs185.53.
The Indian rupee strengthened in the interbank by Rs0.9 and the US dollar traded at Rs186.50. In open market, the US dollar traded at Rs185.53.
On Tuesday, the Pakistani rupee continued its upward trajectory against the US dollar after it witnessed a jump of 0.52 paisa on the interbank.
According to forex dealers, the US dollar is trading at Rs186.57 today. In the open market, the greenback was trading at over Rs186 against the Pakistani rupee.
The rupee increased against the dollar for the first time in a month on Sunday after Finance Minister Miftah Ismail agreed with International Monetary Fund’s (IMF) recommendations to reduce fuel subsidies.
Miftah Ismail held a meeting with the executive directors of the International Monetary Fund to try and revive the Extended Fund Facility Program.
Sources say that the finance minister hinted to carry forward the IMF program and agreed to curb subsidies on the fuel and electricity phase-wise.