KARACHI: The Pakistani rupee on Monday recorded meager gain of 0.03% against the US dollar for the fourth successive session in interbank.
As per the State Bank of Pakistan (SBP), the rupee settled at 259.92 against the greenback, up Rs0.07 in the interbank market.
Interbank closing #ExchangeRate for todayhttps://t.co/6rgYRDKIij pic.twitter.com/i3ld1nnVri
— SBP (@StateBank_Pak) February 27, 2023
The rupee appreciated nearly 1.1% during the previous week to close at 259.99, as news of an inflow of $700 million from China boosted sentiment.
The realization of export proceeds and a larger flow of remittances through legal channels have helped the rebound since the currency touched its all-time low of around 276 earlier in February.
Although the country’s foreign exchange reserves have slightly increased, they still only cover less than one month’s worth of imports, which highlights the urgency with which the government must restart the delayed International Monetary Fund (IMF) program.
