The Pakistani rupee registered another stable session against the US dollar in the interbank market on Tuesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency shed just one paisa against the greenback and was ended the day at 279.42.
During the previous week, the Pakistani rupee had recorded another positive seven days as it had gained 18 paisas to settle at Rs279.27.
It was the 12th consecutive week the Pakistani rupee appreciated against the US dollar. This marginal yet continuous recovery had been on the back of Pakistan advancing with the $3 billion Stand-By Arrangement (SBA) from the International Monetary Fund (IMF).
In a key development, the caretaker government’s team had on Monday formally interacted with the IMF through a video call to seek the latter’s support for tariff rationalization and circular debt reduction plans.
Both plans have been developed by two teams dedicated by the caretaker Minister for Power and Petroleum, Muhammad Ali, who intends to get IMF and Federal Cabinet nod, prior to end of caretakers’ mandate.
Reports said the IMF has sought some clarification from the caretaker government’s team, comprising Ministries of Finance and Energy, which will be responded in a day or two so that things become more clear prior to next round.
Reporter Ashraf Khan