KARACHI
Pakistani rupee recovered slightly against the US dollar for the second straight day on Thursday with an appreciation of 06 paisas (+0.02 percent). The State Bank of Pakistan said in a statement that the dollar opened at Rs283.88 in the interbank market and closed at Rs283.82. Within the open market, the rupee was traded at 286.50/290 per dollar against 287/289.50 a dollar a session earlier.
Internationally, the dollar dropped after the Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and signalled it may pause further increases. The dollar index fell to a session low of 101.05 and the euro hit a session high of $1.10925. The dollar also fell to 134.82 against the Japanese yen.
During the current fiscal year 2022-23, Pakistani rupee has lost Rs77.95 against the US dollar in the interbank, while it plummeted by Rs57.39 against the greenback in the current year.
During the previous week, the rupee remained largely stable as a current account surplus and lack of progress on the International Monetary Fund (IMF) kept the currency hanging. On the other hand, the United States called on Pakistan to move ahead on stalled reforms sought by the IMF, promising technical help and encouraging the country to enact policies that promote an open and fair and transparent business climate.
The market awaits the resumption of the IMF programme, which remains stalled to date. Pakistan kept petrol price unchanged this week in a bid to resume the International Monetary Fund (IMF) loan programme. While the move increases the chances of a restart in IMF funding, Pakistan is also reeling from decades-high inflation. Most of the country’s critical imports, including fuel, are paid for in dollars.
