KARACHI: The Pakistani rupee on Tuesday registered a marginal gain against the US dollar, appreciating 0.02% in the interbank, however the local currency was being traded at Rs314 in the open market.
At close, the currency settled at 285.35, an increase of Rs0.07, as per the State Bank of Pakistan (SBP).
However, in the open market, the US dollar was being traded in the range of 311-314 level against the greenback, as the gap widened due to foreign currency shortage.
Interbank closing #ExchangeRate for todayhttps://t.co/uIZ55ZjF1V pic.twitter.com/OkekLfxjPF
— SBP (@StateBank_Pak) May 30, 2023
On Monday, the rupee registered losses to settle at 285.42 or 0.09% lower against the US dollar in the interbank.
Meanwhile, according to Nathan Porter, the International Monetary Fund’s (IMF) mission chief in Pakistan, the multilateral lender is still working with Pakistan’s government to restore the functioning of the country’s foreign exchange market, pass a fiscal year 2024 budget that is in line with program objectives, and secure enough funding to allow for a board meeting before the current program expires at the end of June.
Porter claimed that for Pakistan to restore strong and inclusive private-led growth, it will take persistent policy initiatives and reforms to overcome the country’s current economic and financial issues.
