US dollar off to positive start against Pakistani rupee
May 2, 2023 11:57 PM
The US dollar started the week on a positive note as the greenback touched the Rs284 mark against the Pakistani rupee in the interbank market on Tuesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the US dollar went up by 16 paisas in the morning but later fell back be eight paisas, ending the day at Rs283.92.
On Friday last, the Pakistani rupee had registered a marginal increase against the US dollar, settling with an appreciation of 0.03%. The local currency had closed at 283.84, an increase eight paisas.
In a key development, the United States had called on Pakistan to move ahead on stalled reforms sought by the International Monetary Fund (IMF), promising technical help as the world’s fifth most populous nation weathers an economic crisis.
“The reform(s) that Pakistan and the IMF agreed to are not easy, but it’s crucial that Pakistan take these actions to bring the country back to sound financial footing, avoid falling into further debt and grow Pakistan’s economy,” said Elizabeth Horst, the State Department official in charge of Pakistan.
Pakistan signed a bailout package with the IMF in 2019 but less than half had been released as the country reneges on conditions.
Reporter Ashraf Khan