KARACHI: The Pakistani rupee on Thursday recorded a significant gain against the US dollar, gaining Rs1.39 in the interbank.
At close, the currency settled at 285.74, a gain of Rs1.39, as per the State Bank of Pakistan (SBP).
— SBP (@StateBank_Pak) May 25, 2023
The increase comes after the rupee registered a marginal gain against the US dollar to settle at 287.13 or 0.01% on Wednesday.
In a key development, Ishaq Dar, the finance minister, reaffirmed that there is absolutely no chance of default. The future budget (2023–24) will put more emphasis on expanding the tax base and registering new taxpayers, the finance minister promised the business community on Wednesday. The existing compliant taxpayers will not face extra hardship.
Dar also promised tax relief strategies, such incentives for the poultry industry, to lower commodity prices in the days ahead.
Separately, the National Accounts Committee (NAC) approved 0.29% estimated provisional Gross Domestic Product (GDP) growth rate for the ongoing fiscal year 2022-23 as compared to 6.1% for the last financial year 2021-22.