Pakistani rupee stretches lead against US dollar in interbank
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The Pakistani rupee recorded a marginal increase against the US dollar in the interbank market on Wednesday, a day after the announcement of the State Bank of Pakistan’s Monetary Policy Committee (MPC) which kept the key policy rate unchanged at 22 percent, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency went up by 17 paisas against the greenback and ended the day at Rs283.61.
Interbank closing #ExchangeRate for today https://t.co/NWrbjVkR3B#SBPExchangeRate pic.twitter.com/NyVjQLfMyD
— SBP (@StateBank_Pak) December 13, 2023
On Tuesday also, the Pakistani rupee had registered a slight gain to settle for the day at Rs283.78 in the interbank market.
Interbank closing #ExchangeRate for today https://t.co/GfdFacDs8c#SBPExchangeRate pic.twitter.com/piEQ9CVyns
— SBP (@StateBank_Pak) December 12, 2023
Experts said the bullish momentum came as overall economic indicators remain positive while investors have set their eyes on the International Monetary Fund’s (IMF) executive board meeting on January 11, 2024.
In a related development, the Ministry of Finance has reportedly asked all ministries/divisions and entities to meet commitments made with the IMF within the stipulated time to ensure successful completion of the review as well as the overall programme.
In another development, Aramco, one of the world’s leading integrated energy and chemicals companies on Tuesday signed definite agreements to acquire a 40% equity stake in Gas and Oil Pakistan Limited.
Reporter Ashraf Khan