Pakistani rupee regains winning momentum against US dollar
Stay tuned with 24 News HD Android App
The Pakistani rupee regained its winning momentum against the US dollar on Wednesday as for the second day running the local currency went up in the interbank market, though it ended the day at almost the same rate as of yesterday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the Pakistani rupee gained 65 paisas in value against the greenback in early business but ended the day at 283.89 only one paisa up.
Interbank closing #ExchangeRate for todayhttps://t.co/DuHQSoFUKd pic.twitter.com/mVLLqveToA
— SBP (@StateBank_Pak) April 19, 2023
On Tuesday, the Pakistani rupee had regained some ground against the US dollar, appreciating by 0.29% in the interbank market. The local currency settled at 283.90, an increase of 81 paisas.
Interbank closing #ExchangeRate for todayhttps://t.co/Lq6p1w069L pic.twitter.com/KxuwgnMQFc
— SBP (@StateBank_Pak) April 18, 2023
The market keenly awaits resumption of the International Monetary Fund (IMF) Extended Fund Facility (EFF), which has remained stalled since last year.
Prime Minister Shehbaz Sharif in his address to the National Assembly the other day had said that Saudi Arabia has provided another $2 billion to Pakistan. “The UAE has also promised to give us $1 billion,” he said.
The IMF has said it is looking forward to obtaining necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th review.
Pakistan has already secured $3 billion in fresh inflow from Saudi Arabia and the UAE.
Reporter Ashraf Khan