KARACHI
Pakistani rupee inched up by one paisa against the US dollar in the inter-bank market on Thursday.
The State Bank of Pakistan (SBP) said that the rupee opened at 278.41 against the dollar in the interbank market and closed at 278.40.
The local unit gained 30 paisas last week against the greenback. Overall, the rupee has improved by Rs9.89 during the current fiscal year 2023-24.
The local unit improved by Rs0.39 in February, Rs2.36 in January and Rs3.31 in December, while it shed Rs3.69 against the US dollar in November after gaining Rs6.26 (+2.23 percent) against the greenback in the month of October.
Similarly, the local unit gained traction against the greenback in the open market.
The rupee was quoted at 278.30 for buying and 281.05 for selling, according to data provided by different exchange companies. The rupee surged against the greenback by Re1 in February, Rs2 in January and Rs3.50 in December.
Prime Minister Shehbaz Sharif told his cabinet on Wednesday that Pakistan needs another International Monetary Fund (IMF) programme to revive the economy and put the country on the path to development. The prime minister said rising electricity and gas theft, low tax-to-GDP ratio and rapid increase in expenditure need to be dealt with seriously.
Earlier in the week, Pakistani authorities reached a staff-level agreement with the International Monetary Fund (IMF) on the second and final review of the $3 billion Stand-By Arrangement (SBA), it was announced by the lender in a statement on Wednesday. “This agreement is subject to approval by the IMF’s Executive Board, upon which the remaining access under the SBA, $1.1 billion will become available,” it added.
Internationally, the US dollar fell broadly on Thursday after the US Federal Reserve maintained its interest rate cut projections for the year in the face of upside surprises on inflation, and did not strike a more hawkish tone as some investors had feared.
