Pakistani rupee gains ground against USD in interbank market
- By Anjum Wahab -
- Apr 28, 2023
The Pakistani rupee on Friday recorded a slight recovery against the US dollar in the interbank market, according to the State Bank of Pakistan (SBP).
According to the State Bank of Pakistan, the local unit (PKR) gained Rs0.08 against USD to close at 283.84. The US dollar closed at Rs283.92 the other day.
Interbank closing #ExchangeRate for todayhttps://t.co/1PoGGrqQi4 pic.twitter.com/EGeDFKpxA1
— SBP (@StateBank_Pak) April 28, 2023
It is pertinent to mention here that Pakistan has less than a month’s worth of foreign exchange reserves and is awaiting a bailout package of $1.1 billion from the IMF that has been delayed since November over issues related to fiscal policy adjustments.
To unlock the funding, the government has cut back on subsidies, removed an artificial cap on the exchange rate, added taxes and raised fuel prices.