KARACHI
The Pakistani rupee appreciated against the US dollar for the second day in a row by 24 paisas (+0.08 percent) in the interbank market and Rs2 (+0.68 percent) in the open market on Wednesday.
The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 287.22 against the dollar in the interbank market and closed at 286.98. During the current fiscal year 2022-23, Pakistani rupee has lost Rs81.09 against the US dollar in the interbank market, while it plummeted by Rs60.65 against the greenback in the current year.
Similarly, the local unit appreciated by Rs2 (+0.68 percent) against the greenback in the open market. The rupee was quoted in the range of Rs288-291 against the US dollar in the open-market as compared to a range of Rs290-293 a session earlier.
The country has successfully narrowed down the rupee-dollar exchange rate gap between the interbank and open markets below the targeted level of Rs5, meeting a major condition of the International Monetary Fund (IMF). The central bank and currency dealers had targeted to reduce the spread to around 2pc after the IMF expressed concerns over the prevailing disconnect between the two markets. The creation of synergy between the two markets was one of the three conditions underlined by the IMF for the revival of its stalled loan programme worth $6.7 billion.
Prime Minister Shehbaz Sharif has sought a meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the summit for a new Global Financial Pact in Paris amid a steep fall in foreign loans disbursements to just $8.4 billion this fiscal year. Pakistan has requested for the meeting on the sidelines of the Paris Summit that is taking place from June 22 to 23.
Earlier, the prime minister in the past one month made a telephonic contact with Kristalina and also wrote three letters to her, counting Pakistan’s efforts to revive the stalled $6.5 billion package. The premier on Monday also met with foreign ambassadors to apprise them of Pakistan’s efforts to restore the programme.
