KARACHI
\nMaintaining its recovery spree against the US dollar for the fifth consecutive session, Pakistani rupee appreciated by another 28 paisas (+0.14 percent) on Thursday.
\nThe State Bank of Pakistan said in a statement that the dollar opened at Rs197.87 in the interbank market and closed at Rs197.59. Within the open market, the rupee was traded at 199\/200 per dollar without any change.
\nThe local unit has gained Rs4.42 against the US dollar in the last five sessions. The Pakistani rupee reversed the trend of back-to-back losses against the US dollar after falling for seventeen consecutive sessions. Prior to Friday\u2019s gain, the local currency set 13 consecutive all-time new lows. Overall, the rupee has depreciated by Rs40.10 against the US dollar during the ongoing fiscal year 2021-22 and Rs20.68 during the current year 2022.
\nPakistan increased petroleum prices last week in a bid to resume the International Monetary Fund (IMF) loan programme.
\nThe action is expected to be followed by a revival of the multibillion-dollar loan programme by the IMF, which has been on an eleven-month hold, while Pakistan needs over $7 billion to repay the foreign debt and finance the current account deficit over the next months.
\nAnalysts believe that the move helped ease some pressure on the local unit and a sustained IMF engagement with Pakistan would open up the flow of funds from China, Saudi Arabia, the World Bank, Asian Development Bank and the International Finance Corporation. Finance Minister Miftah Ismail\u2019s assurance that the deal with the Fund will be finalised this month further supported the uptrend. However, dealers believe that the markets may remain volatile as any fresh development can change the sentiment on a day-to-day basis.
\nChina and Pakistan have reaffirmed their support for each other\u2019s \u201ccore interests and major concerns\u201d while vowing to further enhance economic and defence cooperation, while the Gulf Cooperation Council (GCC) has also agreed to explore further avenues to enhance bilateral trade and economic ties with Islamabad. The likely inflows will help improve the county\u2019s foreign exchange reserves and improve its capacity to make international payments.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Maintaining its recovery spree against the US dollar for the fifth consecutive session, Pakistani rupee appreciated by another 28 paisas (+0.14 percent) on Thursday. The State Bank of Pakistan said in a statement that the dollar opened at Rs197.87 in the interbank market and closed at Rs197.59. Within the open market, the rupee was […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-264189","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n