Ahmed Mukhtar Naqshbandi
ISLAMABAD/KARACHI: The Pakistani rupee was back in top gear against the US dollar as the local currency listed a solid performance in the interbank market on Wednesday.
The rupee that also traded in positive territory against the US dollar all day long Tuesday but faltered towards the end of trade, again flexed its muscles on Wednesday and went up a healthy margin of Rs2.28. Market received lesser orders and more inflow of stuck-up dollars. Positive headway in IMF talks also helped recover the rupee.
Dollar a day earlier
On Tuesday, the rupee depreciated by 0.35 percent in the inter-bank market. As per the State Bank of Pakistan, the Pakistani currency closed at 276.28 against the US dollar, a decline of 98 paisas. The currency has depreciated by 25.82 percent during the fiscal year 2022-23 against the greenback.
Reports suggest that the power sector’s untargeted subsidies were a prime concern for the global lender as it wants to make them targeted. Another concern of the IMF was that the primary deficit was considerably higher than the government estimates.
