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KARACHI: The Pakistani rupee on Thursday snapped its four-session losing streak against the US dollar with a marginal appreciation of 0.02% in the interbank.
At close, the currency settled at 286.81, an increase of Rs0.07, as per the State Bank of Pakistan (SBP).
In the open-market, however, the rupee weakened against the US dollar on Thursday, while dealers said foreign currency remained available at counters.
On Wednesday, the rupee registered losses for the fourth session in a row, to settle at 286.88, lower by 0.11% against the US dollar in the inter-bank.
Meanwhile, Pakistan can have only one remaining board review under the current bailout package of the International Monetary Fund (IMF) before its budget is unveiled on June 9, itself a step towards a successful review, a Fund official said on Thursday.
“To pave the way for a final review under the current EFF, it is essential to restore the proper functioning of the foreign exchange market,” the multilateral lender’s resident representative for Pakistan, Esther Perez Ruiz, told Reuters.
Other factors included passing a budget for the 2023-24 fiscal year that met programme objectives, and securing firm and credible financing commitments to close a $6-billion gap ahead of the board review, she added.