US dollar off to positive start against Pakistani rupee in interbank
By News Desk
June 5, 2023 11:25 AM
The US dollar started the week on a positive footing and went up by 51 paisas against the Pakistani rupee in the interbank market on Monday, reported 24NewsHD TV channel.
As per the State Bank of Pakistan, the greenback was appreciated by 51 paisas against the local currency and ended the day at Rs286.19.
On Friday last, the Pakistani rupee had sustained marginal losses against the US dollar, depreciating by 0.11% in the interbank market. The local currency settled at 285.68, a decline of 30 paisas, as per the State Bank of Pakistan (SBP).
In a key development, Minister of State for Finance Aisha Ghaus Pasha had said that the agreement on 9th review was delayed because the International Monetary Fund (IMF) was not ready to reduce the external financing requirement to $3 billion and categorically stated that there is no Plan-B and the government is committed to the IMF programme.
The resumption of the stalled IMF programme, which has remained suspended since November last year, is crucial for the cash-strapped economy.
The reserves held by SBP decreased by $102 million to $4.091 billion due to external debt payments.
Meanwhile, the Consumer Price Index (CPI)-based inflation increased to a new high of 38% on a year-on-year basis in May 2023 as compared to an increase of 36.4% in the previous month, Pakistan Bureau of Statistics (PBS) said.
Reporter Ashraf Khan