Pakistani rupee holds its ground against US dollar in interbank

Published: 09:18 PM, 29 May, 2023
Business
Pakistani rupee holds its ground against US dollar in interbank

The Pakistani rupee on Monday held its ground against the US dollar and depreciated only by 27 paisas in the interbank trade, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency saw an improvement in its value in the early trading but later it went down by 27 paisas against the greenback ending the day at Rs285.42 in the interbank.

On Friday, the last working day of previous week, the US dollar was depreciated by 59 paisas and settled its trade at Rs285.15.

https://twitter.com/StateBank_Pak/status/1662052661263495173

For the last four trading sessions, the local currency has been on upward swing vis-a-vis the American currency.

The latest appreciation of rupee could be attributed to decline in import payments and the assurances given by the government functionaries that country has enough reserves to meet the external debt obligations until June 30, 2023.

Talking to a TV channel on Sunday, Finance Minister Ishaq Dar said that Pakistan would overcome the economic crisis with or without the International Monetary Fund’s bailout package.

He said that the government would bring discipline to the economy, vowing to resolve the economic issues. He said Pakistan has reserves worth $1,000 billion. Hence, its comparison should not be made with Sri Lanka, he added.

 

Reporter Ashraf Khan

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