PKR continues to appreciate against USD in interbank

The Pakistani rupee (PKR) recovered for the second consecutive day against US dollar on Thursday after the finance minister announced that matters with IMF for the revival of loan programme would be settled today.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs270.51 per dollar in the interbank market, an appreciation of Rs2.82 from yesterday’s close of Rs273.33.

Interbank closing #ExchangeRate for todayhttps://t.co/h41q3JSeF6 pic.twitter.com/DQ58zWRzx3

— SBP (@StateBank_Pak) February 9, 2023

The US dollar was being sold between Rs271 to Rs274 in the open marker, according to forex dealers.

Finance Minister Ishaq Dar Thursday said that talks with the International Monetary Fund (IMF) are “on track” and matters with the lender related to the loan programme were expected to be settled today.

“We will give you good news very soon,” the finance minister said in a response to a question after addressing a road safety conference in Islamabad.

A delegation of the IMF, headed by Nathan Porter, is currently in Islamabad for discussions on the ninth review. The talks are expected to be concluded today.

According to sources, the International Monetary Fund (IMF) has been convinced to subsidy for poor energy consumers.

Power and gas tariffs for big consumers are likely to be enhanced, as the government has agreed to hike gas and electricity rates for the rich, sources said.

The lender will add some of its conditions in the circular debt management plan. “The government preparing to enforce decisions taken by the gas and power regulators OGRA and NEPRA