Pakistani rupee makes recovery against USD
- By Anjum Wahab -
- Mar 07, 2023
KARACHI: The Pakistani rupee on Tuesday appreciated against the US dollar in the interbank market, according to the State Bank of Pakistan (SBP) report.
The local unit gained Re0.5 against the greenback to close at Rs277.87 in the interbank market. The greenback had closed at Rs277.92 a day earlier.
Interbank closing #ExchangeRate for todayhttps://t.co/lJOhgj0Yix pic.twitter.com/VsH8YNAtq0
— SBP (@StateBank_Pak) March 7, 2023
Read more: PAKISTANI RUPEE RECOVERS ON RENEWED IMF DEAL HOPES
The rupee showing a positive response after Finance Minister Ishaq Dar’s assurances of striking a deal with the International Monetary Fund (IMF).
The Pakistani rupee plunged by nearly Rs19, or 6.66%, against the US dollar last week.
Furthermore, the IMF is seen as confident with the commitments of the State Bank Governor Jameel Ahmed. The international lender has given the signal for the staff-level agreement with Pakistan, which is likely to be signed next week.
Read more: IMF TERMS: GOVT TO INCREASE POWER TARIFF FOR KE CONSUMERS
It may be noted that the IMF was assured of the targets set in MEFP four times and the last condition of betterment in the foreign reserves was met with the rollover of Chinese loan, the sources said.