US dollar loses few paisas against Pakistani rupee in interbank

The US dollar extended its winning streak on Thursday morning as it was appreciated by another 12 paisas against the Pakistani rupee in interbank business but towards the closure it lost steam, reported 24NewsHD TV channel.

According to the State Bank of Paksitan, the greenback was depreciated by seven paisas against the local currency and ended the day at Rs286.81.

Interbank closing #ExchangeRate for today https://t.co/W3WdYdSoJq#SBPExchangeRate pic.twitter.com/MO2R2JmDSn

— SBP (@StateBank_Pak) June 8, 2023

On Wednesday, the US dollar ended the business at Rs286.88.

Interbank closing #ExchangeRate for today https://t.co/5U1cMX8Tg5#SBPExchangeRate pic.twitter.com/iyIn41uqNJ

— SBP (@StateBank_Pak) June 7, 2023

On Wednesday, the Pakistani rupee registered loss for the fourth session in a row, depreciating by 0.11% against the US dollar in the interbank market. At close, the currency settled at 286.88, a decline of 32 paisas.

However, in the open-market rupee witnessed significant improvement against the US dollar on Wednesday, which was quoted in the range of 297-300 in the open market.

In a key development, Pakistani authorities are now hopeful of inking a deal with the International Monetary Fund (IMF) before they unveil the budget on June 9 (Friday), said the Ministry of Finance in an emailed response to questions from Bloomberg.

The ministry said Pakistan has lined up $4 billion in external financing and hopes to obtain a deal with the lender before it unveils its budget on Friday.

Separately, the National Economic Council (NEC) had approved Rs1,150 billion federal development budget and set an estimated 3.5% Gross Domestic Product (GDP) growth target for the next financial year 2023-24. The NEC proposed the Annual Development Plan (ADP) for the upcoming fiscal year (2023-24) with a total outlay of Rs2.709 trillion.

 

Reporter Ashraf Khan