ISLAMABAD: Amid continues fluctuation, Pakistani rupee gained a slight increase of Rs 0.42 against the American dollar in the interbank market on Thursday, mainstream media reported while quoting the State Bank of Pakistan.
Meanwhile according to the State Bank of Pakistan, the local currency recovered Rs042 against US dollar and closed at 283.47 compared to its closure at Rs283.89 on Wednesday. The SBP Twitter handle also mentioned about the appreciation of Pak Rupee.
Interbank closing #ExchangeRate for todayhttps://t.co/LikcTM4yGe pic.twitter.com/eyk1G9CcPm
— SBP (@StateBank_Pak) April 20, 2023
Appreciation of Rupee against Dollar
The slight appreciation of the local currency might be after the market received hopeful news about a $1 billion commitment from the UAE.
At present Pakistan has over $4 billion reserves in its central bank which would be hardly enough for even a month export. Meanwhile the IMF has put some conditions including the one about commitment from friendly countries to take Pakistan’s reserves into the double-digit.
To ensure release of the tranche from the IMF, the government has cut back on a number of subsidies, removed an artificial cap on the exchange rate, placed new taxes and enhanced fuel prices for a couple of times. However commitment from the friendly countries to Pakistan is one such good news bringing hope for the investors.
