The Pakistani rupee kept up its gaining spree against the US dollar on Monday but that did not last as the greenback struck back. The value of the local unit appreciated by 28 paisas in the interbank in the morning session but could not sustain it, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the rupee maintained its upward trajectory and gained 28 paisas in its value in the morning. But later the US dollar recovered its today's loss and went up by 16 paisas and ended the day at Rs269.44.
Interbank closing #ExchangeRate for todayhttps://t.co/lTWZht1PXr pic.twitter.com/zjWkER4wJS
— SBP (@StateBank_Pak) February 13, 2023
On Friday, the last trading day of the previous week, the Pakistani rupee gained Rs1.28, pushing the US dollar to conclude at Rs269.28.
Interbank closing #ExchangeRate for todayhttps://t.co/iQLYimEqT2 pic.twitter.com/2Y0UGQVVj5
— SBP (@StateBank_Pak) February 10, 2023
The rupee appreciation could be attributed to an improved supply of dollars in the market and the expectation that Pakistan could secure the IMF bailout package as the two sides are resuming their virtual discussions today.
Pakistan which is facing a serious economic crisis is in dire need to clinch the deal which would unlock assistance from friendly countries as well.
Currently, country’s foreign reserves held by the State Bank of Pakistan (SBP) have reached nine years three-month low, standing at $2.92 billion, and fell by $170 million during the week ended on February 03, 2023. The outflow of $170mn is attributed to external debt payment.
The current reserves are so low that they could cover only 0.60 months of import bills.
Since the start of 2023, the SBP forex reserves decreased by $2.6bn.
Reporter Ashraf Khan