Pakistani rupee rebounds against US dollar in interbank trading
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The Pakistani rupee has resuscitated after getting a good thrashing yesterday by the US dollar. The local currency has appreciated by 11 paisas in the interbank trading today, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the US dollar on Tuesday lost 11 paisas in its value and ended the day at Rs283.92 in the interbank trade.
Interbank closing #ExchangeRate for todayhttps://t.co/VLlwrxVW4b pic.twitter.com/544DvPhpsf
— SBP (@StateBank_Pak) March 21, 2023
Yesterday, the Pakistani rupee depreciated by Rs2.32 against the US dollar in interbank session and closed the trade at Rs284.03 per USD.
Interbank closing #ExchangeRate for todayhttps://t.co/8QF1Pw7wDl pic.twitter.com/vkRNTYC1jC
— SBP (@StateBank_Pak) March 20, 2023
Currency experts believe that the higher dollar demand for import and corporate payments put pressure on the value of local currency. Besides this, the lack of inflows of US dollars also results in depreciation of Pakistani rupee.
The local currency has been showing greater vacillation in its value due to delays in the IMF agreement for the release of a $1.1 billion economic bailout that Pakistan needs to avoid the threat of default.
The global lender, however, said on Monday that significant progress has been made in discussions with Pakistan toward policies that will underpin the ninth Extended Fund Facility (EFF) review.
In a statement, Dr Esther Perez Ruiz, the Resident Representative of the IMF in Pakistan said that discussions over the past few days have been fruitful, with both sides making significant strides toward a mutually agreeable policy agenda, adding that “few remaining points are yet to be finalized”.
The global lender has asked Pakistan to arrange $7bn for debt servicing during the current fiscal year before it releases the $1.1bn tranche.
Pakistan has taken tough measures including increasing taxes and energy prices, and allowing its currency to weaken to restart a $6.5 billion IMF loan package. But still the IMF is not releasing its bailout package.
Reporter Ashraf Khan