KARACHI
\nThe Pakistani rupee appreciated against the US dollar for the third day in a row by 25 paisas (+0.09 percent) in the interbank market; however, the local unit depreciated by Rs3 (-1.03 percent) against the greenback in the open market on Thursday.
\nThe State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 286.98 against the dollar in the interbank market and closed at 286.73. During the current fiscal year 2022-23, Pakistani rupee has lost Rs80.84 against the US dollar in the interbank market, while it plummeted by Rs60.40 against the greenback in the current year.
\nOn the contrary, the local unit appreciated by Rs3 (-1.03 percent) against the greenback in the open market. The rupee was quoted in the range of Rs291-294 against the US dollar in the open-market as compared to a range of Rs288-291 a session earlier.
\nThe country has successfully narrowed down the rupee-dollar exchange rate gap between the inter-bank 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.
\nThe 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.
\nMeanwhile, the meeting between Prime Minister Shehbaz Sharif and Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva in Paris concluded without any indications of Pakistan securing the IMF tranche.
\n\u201cWe had a fruitful discussion on how the IMF can continue to work closely with Pakistan on policies to maintain macroeconomic stability and advance inclusive growth for the Pakistani people,\u201d Kristalina tweeted right after the meeting.
\nIn a related development, the SBP data revealed that the official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $8.86 billion as of May 31, 2023.
\nThe foreign currency reserves comprising securities, currency and deposits held with other national central banks, and banks headquartered in and outside Pakistan clocked in at $2.46 billion. The gold reserves, which include gold deposits and swapped gold, amounted to 2.07 million fine troy ounces, equivalent to $4.08 billion. Pakistan\u2019s other foreign currency assets, which were not included in official reserve assets, amounted to $86.13 million and included securities, deposits, loans, financial derivatives, gold, and others. Meanwhile, the country\u2019s predetermined short-term net drains on foreign currency assets amounted to a nominal value of $20.69 billion, the SBP data showed.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI The Pakistani rupee appreciated against the US dollar for the third day in a row by 25 paisas (+0.09 percent) in the interbank market; however, the local unit depreciated by Rs3 (-1.03 percent) against the greenback in the open market on Thursday. The State Bank of Pakistan (SBP) said in a tweet that the […]<\/p>\n","protected":false},"author":2,"featured_media":239652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-339528","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n