KARACHI: The Pakistani rupee on Tuesday made a slight recovery against the US dollar, appreciating 0.04% in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee settled at Rs283.92, a gain of Rs0.11.
A day earlier, the rupee had settled at 284.03 against the dollar in the inter-bank market on Monday, a decline of Rs2.32 or 0.82%.
Interbank closing #ExchangeRate for todayhttps://t.co/VLlwrxVW4b pic.twitter.com/544DvPhpsf
— SBP (@StateBank_Pak) March 21, 2023
In a key development, International Monetary Fund (IMF) Resident Representative Esther Ruiz Perez said Pakistan authorities did not consult with staff ahead of announcing their recent fuel subsidy proposal.
“The IMF is seeking greater details on the scheme in terms of its operation, cost, targeting, protections against fraud and abuse, and offsetting measures, and will carefully discuss these elements with the authorities,” Ruiz told Business Recorder via message early Tuesday morning.
The development potentially means the staff-level agreement could still take some time as Islamabad remains in talks with the IMF.
