ISLAMABAD: After a minor decline on Monday, the Pakistani rupee witnessed a marginal appreciation of Rs 0.04 against the US dollar in the inter-bank market on Tuesday compared to last day closing of Rs287.26.
According to the SBP (State Bank of Pakistan), the local currency got an appreciation of 0.01 percent.
Interbank closing #ExchangeRate for today https://t.co/fhOy2dNaxZ#SBPExchangeRate pic.twitter.com/XqT5UWyR96
— SBP (@StateBank_Pak) June 20, 2023
Pak Rupee in Open Market
Meanwhile, in the open market, the local currency was traded below the 300 benchmarks for the last couple of days with some improvement. On Tuesday the Pakistani Rupee in the open market was traded in the range of Rs291 to Rs294.
Meanwhile, the price of the Euro witnessed an increase by Rs 0.7 to close at Rs 313.98 against the last day’s closing of Rs 313.91, whereas the British Pound went down by Rs 0.87 and was traded at Rs 367.20 against Rs 368.07 last day.
The exchange rates of the Saudi Riyal and Emirates Dirham went down by by 02 paisas each to close at Rs 76.56 and Rs 78.19 respectively.
Situation with IMF
In a major development, the mainstream media reported that Pakistan was not on the agenda of the International Monetary Fund (IMF) Executive Board meetings scheduled till June 29, making the situation a bit vulnerable for Pakistan to unlock the pending amount of the 9th review with the IMF.
Meanwhile, the government of Pakistan received 1 billion dollars from Chine the other day, however, its central bank reserves still stand at about $4b. Experts believe Pakistan requires to have its reserves (in the central bank) in the double digits to at least face the ongoing financial unrest.
