Image Alt Text

News

US dollar loses few paisas against Pakistani rupee in interbank

By News Desk

June 8, 2023 10:45 AM


Representational image

The US dollar extended its winning streak on Thursday morning as it was appreciated by another 12 paisas against the Pakistani rupee in interbank business but towards the closure it lost steam, reported 24NewsHD TV channel.

According to the State Bank of Paksitan, the greenback was depreciated by seven paisas against the local currency and ended the day at Rs286.81.

https://twitter.com/StateBank_Pak/status/1666772156284555264

On Wednesday, the US dollar ended the business at Rs286.88.

https://twitter.com/StateBank_Pak/status/1666397049624096769

On Wednesday, the Pakistani rupee registered loss for the fourth session in a row, depreciating by 0.11% against the US dollar in the interbank market. At close, the currency settled at 286.88, a decline of 32 paisas.

However, in the open-market rupee witnessed significant improvement against the US dollar on Wednesday, which was quoted in the range of 297-300 in the open market.

In a key development, Pakistani authorities are now hopeful of inking a deal with the International Monetary Fund (IMF) before they unveil the budget on June 9 (Friday), said the Ministry of Finance in an emailed response to questions from Bloomberg.

The ministry said Pakistan has lined up $4 billion in external financing and hopes to obtain a deal with the lender before it unveils its budget on Friday.

Separately, the National Economic Council (NEC) had approved Rs1,150 billion federal development budget and set an estimated 3.5% Gross Domestic Product (GDP) growth target for the next financial year 2023-24. The NEC proposed the Annual Development Plan (ADP) for the upcoming fiscal year (2023-24) with a total outlay of Rs2.709 trillion.

 

Reporter Ashraf Khan


News Desk


Most Read

  1. JIT completes investigation into MD CAT test irregularities JIT completes investigation into MD CAT test irregularities
  2. Sindh education department enforces strict leave policy for newly hired teachers Sindh education department enforces strict leave policy for newly hired teachers
  3. Fans disapprove of Aruba Mirza’s victory in popular TV show Tamasha Fans disapprove of Aruba Mirza’s victory in popular TV show Tamasha
  4. MD CAT students stage protest against test cancellation in Peshawar MD CAT students stage protest against test cancellation in Peshawar
  5. Injection responsible for causing eyesight loss among hundreds in Punjab recalled Injection responsible for causing eyesight loss among hundreds in Punjab recalled
  6. Zara Noor Abbas a vision to behold in deep red attire Zara Noor Abbas a vision to behold in deep red attire

Opinion

  1. Orange Line Metro Train: Bridging Nations and Palates – Mr. Yunlin's Unforgettable Moments in Lahore
    Orange Line Metro Train: Bridging Nations and Palates – Mr. Yunlin's Unforgettable Moments in Lahore

    By Ali Ramay

  2. India’s invasion of Kashmir is violation of UN Charter
    India’s invasion of Kashmir is violation of UN Charter

    By Dr Ghulam Nabi Fai

  3. World Suicide Prevention Day: Creating Hope Through Action
    World Suicide Prevention Day: Creating Hope Through Action

    By Dr Asif Channer

  4. Gender equality: A pre-requisite for a balanced society
    Gender equality: A pre-requisite for a balanced society

    By Mehak Sabir

  5. Time to move on and build a better Pakistan
    Time to move on and build a better Pakistan

    By Murtaza Rafiq Bhutto