Pakistani rupee turns the tables on the US dollar
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The Pakistani rupee turned the tables on the US dollar as the local currency went up by 81 paisas in interbank trading on Tuesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the rupee hit back at the greenback and appreciated by 81 paisas and closed the day at at Rs283.90.
Interbank closing #ExchangeRate for todayhttps://t.co/Lq6p1w069L pic.twitter.com/KxuwgnMQFc
— SBP (@StateBank_Pak) April 18, 2023
On Monday, the Pakistani rupee ended its three-session winning streak against the US dollar as the local currency depreciated by 0.11% in the interbank market. The rupee settled at 284.71, a decrease of 31 paisas.
Interbank closing #ExchangeRate for todayhttps://t.co/JXY6kw8YvA pic.twitter.com/W38cfIp4bc
— SBP (@StateBank_Pak) April 17, 2023
News of a $2 billion inflow from Saudi Arabia and another $1 billion from the UAE had helped market sentiment with the rupee settling at 284.4 on Friday last. These assurances of funds from friendly countries were seen as crucial for the revival of the International Monetary Fund (IMF) bailout programme.
However, on Saturday, the IMF said it is still looking forward to obtaining more necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th Extended Fund Facility (EFF) review. Its statement implied that the staff-level agreement could still be a few steps away.
The agreement is critical to providing much-needed stability to the Pakistan’s currency market that has seen the rupee undergo volatile rides in recent months.
Reporter Ashraf Khan