Pakistani rupee erodes more US dollar value in interbank market
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The Pakistani rupee recorded a meagre improvement against the US dollar in interbank market on Monday, reported 24NewsHD TV channel.
As per the State Bank of Pakistan, the local currency went up by five paisas against the greenback and ended the day at Rs279.85.
Interbank closing #ExchangeRate for today https://t.co/ecKl8tLAI3#SBPExchangeRate pic.twitter.com/EkuIcfAwXv
— SBP (@StateBank_Pak) January 22, 2024
On the last business day on Friday, the Pakistani rupee had edged up by eight paisas, settling for the week at Rs279.90.
Interbank closing #ExchangeRate for today https://t.co/ICS2Ha1zYv#SBPExchangeRate pic.twitter.com/WaudXcoIZd
— SBP (@StateBank_Pak) January 19, 2024
During the previous week, the rupee had appreciated by 46 paisas or 0.16% to settle at Rs279.90 against the US dollar in the interbank market. It was the tenth consecutive week the local currency gained against the greenback, a momentum on the back of announcement of a staff-level agreement (SLA) between Pakistan and the IMF on the first review of the $3 billion Stand-by Arrangement (SBA), which led to the approval of the second tranche of the package.
In a key development, the caretaker government had committed to the International Monetary Fund (IMF) that it would build reserves as conditions permit and let the rupee find its market value as imports are normalised even if pressures re-emerge.
Reporter Ashraf Khan