Pakistani rupee gains more value against US dollar
March 22, 2023 12:23 PM
The Pakistani rupee held its ground and registered a gain of 72 paisas against the US dollar in the interbank trading on Wednesday, reported 24NewsHD TV channel.
As per the State Bank of Pakistan, the local currency was appreciated by 72 paisas against the greenback and ended the day at Rs282.20.
Yesterday, the Pakistani rupee managed to gain 11 paisas against the US dollar as the currency was settled the trade at PKR 283.92 per USD.
The market is exuding positive vibes soon after the statement of the IMF representative who said that significant progress has been made in discussions with Pakistan toward policies that will underpin the ninth Extended Fund Facility (EFF) review.
Cash-strapped Pakistan is in dire need of the revival of IMF programme to avoid the default.
Pakistan has taken tough measures including increasing taxes and energy prices, and allowing its currency to weaken to restart a $6.5 billion IMF loan package. But still the IMF is not releasing its bailout package.
On the other hand, according to the State Bank of Pakistan, country’s current account deficit narrowed by 313 percent during first eight months (July–February) 2022/2023.
According to the State Bank of Pakistan (SBP), country’s Current Account Deficit (CAD) recorded $0.1 billion in Feb 2023 against a deficit of $0.5 billion in Feb 2022. Cumulatively CAD reduced to $ 3.9 billion in Jul-Feb FY23 compared to a deficit of $ 12.1 billion in Jul-Feb FY22.
The experts, however, said that the lack of inflows kept the rupee under pressure.
Reporter Ashraf Khan