Pakistani rupee stays stable against US dollar
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The Pakistani rupee registered a meagre gain against the US dollar in the interbank market on Tuesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency stayed put in face of the mighty greenback and appreciated by just seven paisas and ended the day at Rs285.35.
In the open market, however, the US dollar traded in the range of Rs311-314 level against the greenback, as the gap widened due to foreign currency shortage.
On Monday last, the Pakistani rupee had registered loss to settle at 285.42 or 0.09% lower against the US dollar in the interbank.
In a key development, Nathan Porter, International Monetary Fund (IMF) Mission Chief to Pakistan, said that the multilateral lender continued its engagement with the Pakistani authorities - focusing on the restoration of foreign exchange proper market functioning, the passage of a fiscal year 2024 budget consistent with programme goals, and adequate financing to pave the way for a Board meeting before the current programme expires at June-end.
Porter said that overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth.
Reporter Ashraf Khan