Pakistani rupee hits back at US dollar

The US dollar inched up against the Pakistani rupee in the directionless interbank market on Wednesday but later the local currency hit back, reported 24NewsHd TV channel.

According to the State Bank of Pakistan, the greenback went up by eight paisas against the local currency in the dull interbank business but later the rupee came back roaring and gained four paisas against the US dollar and ended the day at Rs283.88.

Interbank closing #ExchangeRate for todayhttps://t.co/LpEvrI8aLm pic.twitter.com/aLKw7gK4fw

— SBP (@StateBank_Pak) May 3, 2023

In open market, the US dollar was being traded at Rs289.50.

On Thursday, the Pakistani rupee had remained largely stable against the US dollar, settling with a marginal loss of 0.03% during the interbank trading session. The local currency closed at 283.92, a decrease of eight paisas.

Interbank closing #ExchangeRate for todayhttps://t.co/r2mlIwgDuy pic.twitter.com/n5oolcTTBH

— SBP (@StateBank_Pak) May 2, 2023

During the previous week, the rupee remained largely stable as a current account surplus and lack of progress on the International Monetary Fund (IMF) kept the currency hanging.

On the other hand, the United States had called on Pakistan to move ahead on stalled reforms sought by the IMF, promising technical help and encouraging the country to enact policies that promote an open and fair and transparent business climate.

The market awaits the resumption of the International Monetary Fund (IMF) programme, which remains stalled to date.

Moreover, it is also closely monitoring development at the political front, as the government and PTI leaders continued to hold talks on holding elections in the country.
Reporter Ashraf Khan