KARACHI: The Pakistani rupee on Thursday gained more ground on the US dollar after an appreciation of 0.37% in the interbank.
As per the State Bank of Pakistan (SBP), the rupee settled at 260.93, a gain of Rs0.97 against the greenback. This is the rupee’s second successive gain in the inter-bank market.
Interbank closing #ExchangeRate for todayhttps://t.co/bP7wa4R6DQ pic.twitter.com/9G76Vckcoq
— SBP (@StateBank_Pak) February 23, 2023
Earlier, the Pakistani rupee was back to winning ways against the US dollar on Wednesday after it had settled at 261.90 with an appreciation of Rs0.61 or 0.23%.
As a significant milestone, Pakistan’s Finance Minister Ishaq Dar reported on Wednesday that the Board of the China Development Bank had authorized a $700 million facility for Pakistan.
The amount “is likely to be received this week” and “will shore up currency reserves,” the finance minister tweeted.
Additionally, the government unveiled a number of austerity measures on Wednesday in an effort to address the fiscal imbalance. The majority of the measures were directed at the cabinet as Pakistan tried to reduce spending in the face of acute economic hardship.
