Pakistani rupee remains stable against US dollar in interbank market
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The Pakistani rupee has scored another trivial gain against the US dollar in the interbank market on Thursday, reported 24NewsHD TV channel.
As per the figures obtained from money traders, the local currency appreciated by seven paisas against the greenback and was currently being traded at Rs279.25.
On Wednesday, the Pakistani rupee remained largely stable to settle for the day at Rs279.32, a paisa down.
Interbank closing #ExchangeRate for today https://t.co/7Ixa9hGChk#SBPExchangeRate pic.twitter.com/tPZCl8SDjj
— SBP (@StateBank_Pak) February 14, 2024
In a key development, Moody’s Investors Services has termed the persistence of political uncertainty in Pakistan following inconclusive election results a credit negative.
The rating agency in its latest report on Pakistan stated that overall, uncertainty around Pakistan’s ability to quickly negotiate a new International Monetary Fund (IMF) programme after the current one expires in April 2024 remains very high.
Pakistan’s government liquidity and external vulnerability risks will remain very high until there is clarity on a credible longer-term financing plan, it said.
Reporter Ashraf Khan