Sehar Timings Mar 30 - Ramazan 19

Lahore
LHR
04:35 AM
Karachi
KHI
05:11 AM
Islamabad
ISB
04:37 AM
Peshawar
PWR
04:41 AM
Quetta
QTA
05:06 AM

News

US dollar turns the tables on Pakistani rupee in interbank

March 8, 2023 11:41 AM


The US dollar has turned the tables on the Pakistani rupee as it appreciated by Rs1.25 despite being on the defensive when the trading opened in the interbank market on Wednesday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the greenback went up by Rs1.25 and closed at Rs279.12 in the evening despite being down by 87 paisas in the morning session.

https://twitter.com/StateBank_Pak/status/1633430831766044674

Yesterday, the Pakistani rupee appreciated by 5 paisa against the US dollar and settled the trade at PKR 277.87 per USD.

https://twitter.com/StateBank_Pak/status/1633058993517019137

According to economic experts, the market was upbeat over the possible deal with the International Monetary Fund and $1.3 billion rollover facility by the Industrial and Commercial Bank of China Ltd (ICBC) which will be disbursed in three instalments. 

Recent reports suggest that the IMF will sign a staff-level agreement (SLA) before the end of this week, as the government has successfully fulfilled all the Fund’s reform prerequisites, including the development of reserves.

The experts believe that the local currency would appreciate further once the IMF agreement was reached and it would also unlock inflows from friendly countries. They expect that the dollar rate would decline to Rs260-265 after the revival of IMF programme. 

Apart from this, the State Bank of Pakistan (SBP) received a significant boost of $700 million from China in February, which helped to shore up its fast depleting foreign exchange reserves.

 

Reporter Ashraf Khan 



Most Read

  1. Man murders young sister by smothering her with pillow in Toba Tek Singh Man murders young sister by smothering her with pillow in Toba Tek Singh
  2. Aitchison College students, parents stage protest against principal’s resignation Aitchison College students, parents stage protest against principal’s resignation
  3. Five Chinese among six killed in Shangla suicide bombing Five Chinese among six killed in Shangla suicide bombing
  4. Sahiba meets her father for the first time Sahiba meets her father for the first time
  5. Maaz Safder regrets 4-year relationship with wife Saba Maaz Safder regrets 4-year relationship with wife Saba
  6. ‘Khaie's incredible ending receives rave reviews and big applause ‘Khaie's incredible ending receives rave reviews and big applause

Opinion

  1. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  2. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  3. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  4. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  5. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer

  6. Literate the Religious Illiterate
    Literate the Religious Illiterate

    By Dr Asif Channer