KARACHI: Pakistan’s rupee experienced a remarkable rebound against the US dollar, gaining nearly Rs15 during early trading in the inter-bank market on Friday. After hitting a record low of 298.93 against the US dollar on Thursday, the currency was being traded at 284.09, an increase of Rs14.84 or 5.22%.
The rupee’s massive appreciation on Friday brought some relief to Pakistan’s economy, which has been grappling with high inflation and a widening current account deficit.
Experts believe the surge came after investors received positive cues from the political front, following the Supreme Court’s declaration of the arrest of Imran Khan as illegal, and the end of violent protests.
Furthermore, Finance Minister Ishaq Dar’s reassurance that Pakistan would fulfill external obligations timely, with or without the International Monetary Fund (IMF), helped pacify markets. Dar revealed that there is a plan for foreign payments of $3.7 billion in May and June, and the country would not default. He added that China is expected to roll over another $2.4 billion.
The Finance Minister also announced that the budget would be presented on June 9, 2023.
