KARACHI: The Pakistani rupee on Wednesday recovered more ground against the US dollar, appreciating 0.25% in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee settled at 283.20, a gain of Rs0.72. Despite the improvement, the rupee has lost over 20% of its value against the greenback during this calendar year.
Interbank closing #ExchangeRate for todayhttps://t.co/SNB0IvsU8s pic.twitter.com/Hwf5wcNPul
— SBP (@StateBank_Pak) March 22, 2023
A day earlier, the rupee had registered a minor gain, settling at 283.92 against the dollar in the inter-bank market, an increase of Rs0.11 or 0.04%.
The market, however, lies in wait for resumption of the International Monetary Fund (IMF) Extended Fund Facility (EFF), which has remained stalled since November last year.
In a significant development, the Pakistan Business Council (PBC), one of the main corporate lobbying forums in the country, warned that Pakistan is running out of time as it battles to revive the International Monetary Fund (IMF) program.
“As stakeholders contest short-term power, Pakistan’s long-term future is in jeopardy,” said the PBC in a tweet on Wednesday.
“Drip feed and hope will not suffice. Without IMF’s program and debt re-profiling, help from friendly nations is not forthcoming.”
“Pakistan is running out of time,” it added.
