KARACHI: The Pakistani rupee on Tuesday gained more ground on the US dollar, appreciating 0.79% in the interbank market.
As per the State Bank of Pakistan (SBP), the currency closed at 267.34 against the US dollar, an increase of Rs2.1. The currency has depreciated by 22.5% during the ongoing fiscal year against the greenback.
Interbank closing #ExchangeRate for todayhttps://t.co/TEG90wGsJU pic.twitter.com/z1teYT9KIw
— SBP (@StateBank_Pak) February 14, 2023
The gain comes after the rupee had witnessed a marginal decline against the US dollar on Monday, closing at 269.44 against the US dollar, a depreciation of Re0.16 or 0.06%.
During the previous week, however, the currency had appreciated 2.71% against the US dollar to close at Rs269.28 in the interbank market.
In a key development, a Pakistani official had stated that virtual talks between the IMF and Pakistan were scheduled to begin on Monday. The two parties are attempting to achieve an agreement to unlock funds that is necessary to keep the cash-strapped south Asian nation afloat.
The two sides were unable to come to an agreement last week, and a visiting IMF group left Islamabad after 10 days of deliberations while announcing that talks would go on. Pakistan is suffering from a severe economic crisis and is in desperate need of money.
