KARACHI: The Pakistani rupee on Monday registered minor gain against the US dollar, appreciating 0.1% in the interbank, however in the open market the US dollar was being traded in the range of Rs312 to 316.
At close, the currency settled at 285.42, a gain of Rs0.27, as per the State Bank of Pakistan (SBP).
In the open market, the US dollar was being traded in the range of Rs316 level against the greenback, as the gap widened due to foreign currency shortage.
The rupee gained 0.23% against the US dollar in the previous week’s interbank market, but the difference between those values and the open market rates persisted.
The currency gained in three of the previous five sessions as it was settled at 285.15 on Friday, although its exchange rate on the open market remained between 307 and 310.
The market has been under pressure due to a chronic delay in the International Monetary Fund (IMF) program, which is scheduled to finish in June, fear of default, and an inability to guarantee dollar inflow through legal means.
In a key development, Finance Minister Ishaq Dar said on Sunday the country will share its upcoming budget details with the IMF in order to unlock stalled funds.
“They have asked us for some more details like the details of (the) budget, we will give that to them,” Dar said in an interview with a private TV channel.
