Pakistani rupee soars against US dollar in interbank market
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After days of hammering, the Pakistani rupee on Wednesday managed to hit back at the US dollar in the interbank market as it scored a handsome gain, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency went up by 79 paisas against the US dollar and ended the day at Rs287.18.
Interbank closing #ExchangeRate for today https://t.co/bCE39AUrIe#SBPExchangeRate pic.twitter.com/wYKKMjGfY3
— SBP (@StateBank_Pak) June 14, 2023
On Tuesday, the Pakistani rupee experience loss for the third consecutive day against the greenback and ended the day at Rs287.97, down by 0.12% against the interbank business.
Interbank closing #ExchangeRate for today https://t.co/vMHTt5dlfm#SBPExchangeRate pic.twitter.com/QjlkUZPxx1
— SBP (@StateBank_Pak) June 13, 2023
In a key development, the federal government is reported to have paid over Rs402 billion (approximately $1.7 billion) as cost of rollovers of $7 billion Chinese and Saudi deposits.
Separately, Minister of State for Finance Dr Aisha Ghaus Pasha had reiterated that Pakistan would neither go to the Paris Club nor the country would default on payments to multilateral, international agencies or commercial banks.
Experts have been calling for the resumption of the International Monetary Fund (IMF) loan programme, which remains stalled since November last year, as default fears looms over the country.
Reporter Ashraf Khan