Pakistani rupee soars against US dollar in interbank
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The Pakistani rupee held its ground against the US dollar in interbank trading on Thursday, by rocketing up by Rs1.39, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency was appreciated by Rs1.39 and ended the day at Rs285.74.
Interbank closing #ExchangeRate for todayhttps://t.co/bcLz8SOKBm pic.twitter.com/WR6OVIdLsT
— SBP (@StateBank_Pak) May 25, 2023
On Wednesday, the Pakistani rupee remained largely stable against the US dollar, appreciating marginally by 0.01% in the interbank market. At close, the currency settled at 287.13, a gain of only two paisas.
However, in the open market, the US dollar was being traded in the range of 308-310 level, multiple currency dealers informed as the gap widened due to foreign currency shortage.
Interbank closing #ExchangeRate for todayhttps://t.co/LOOFhYNSP5 pic.twitter.com/iLtWM1zIzt
— SBP (@StateBank_Pak) May 24, 2023
In a key development, Prime Minister Shehbaz Sharif had asked the economic team that concrete steps should be taken to increase the revenue by broadening the tax net. The PM had chaired a meeting regarding the preparation of the budget for the financial year 2023-24 and the meeting was informed that the budget for the next fiscal year will be presented on June 9, 2023, after approval from the federal cabinet.
Reporter Ashraf Khan