AGL 5.33 Decreased By ▼ -0.17 (-3.09%)
ANL 8.50 Increased By ▲ 0.01 (0.12%)
AVN 75.83 Increased By ▲ 0.03 (0.04%)
BOP 5.18 Decreased By ▼ -0.06 (-1.15%)
CNERGY 4.43 Increased By ▲ 0.01 (0.23%)
EFERT 81.90 Increased By ▲ 0.27 (0.33%)
EPCL 49.30 Decreased By ▼ -0.40 (-0.8%)
FCCL 12.55 Decreased By ▼ -0.24 (-1.88%)
FFL 5.58 Increased By ▲ 0.08 (1.45%)
FLYNG 6.78 Increased By ▲ 0.05 (0.74%)
FNEL 4.76 Increased By ▲ 0.06 (1.28%)
GGGL 9.05 Increased By ▲ 0.63 (7.48%)
GGL 14.76 Increased By ▲ 0.81 (5.81%)
HUMNL 6.15 Increased By ▲ 0.07 (1.15%)
KEL 2.58 Increased By ▲ 0.02 (0.78%)
LOTCHEM 27.63 Decreased By ▼ -0.02 (-0.07%)
MLCF 23.45 Decreased By ▼ -0.34 (-1.43%)
OGDC 71.25 Increased By ▲ 0.15 (0.21%)
PAEL 15.13 Increased By ▲ 0.10 (0.67%)
PIBTL 4.88 Decreased By ▼ -0.02 (-0.41%)
PRL 15.63 Decreased By ▼ -0.35 (-2.19%)
SILK 1.07 Decreased By ▼ -0.03 (-2.73%)
TELE 8.84 Increased By ▲ 0.02 (0.23%)
TPL 7.15 Increased By ▲ 0.07 (0.99%)
TPLP 19.37 Increased By ▲ 0.11 (0.57%)
TREET 20.90 Increased By ▲ 0.05 (0.24%)
TRG 135.84 Decreased By ▼ -0.76 (-0.56%)
UNITY 16.31 Decreased By ▼ -0.24 (-1.45%)
WAVES 9.35 Increased By ▲ 0.10 (1.08%)
WTL 1.38 Increased By ▲ 0.03 (2.22%)
BR100 4,154 Decreased By -3.7 (-0.09%)
BR30 15,315 Decreased By -24.6 (-0.16%)
KSE100 41,601 Decreased By -50.9 (-0.12%)
KSE30 15,375 Decreased By -5.5 (-0.04%)
Follow us

Pakistan's rupee witnessed another gain against the US dollar in the inter-bank market on Wednesday, appreciating 0.23%.

As per the State Bank of Pakistan (SBP), the rupee closed at 176.23 after a day-on-day appreciation of 40 paisas or 0.23%. The appreciation comes after the rupee gained 0.03% against the dollar on Tuesday as well.

Last month, the rupee had closed at its all-time record low of 178.24 against the US dollar before appreciating the following two days to end the year at 176.51.

Pakistan's rupee registers marginal gain against US dollar

The gain comes at a time when Pakistan is looking for approval from the International Monetary Fund (IMF) for the sixth review of the Extended Fund Facility (EFF).

The government has already tabled the Finance (supplementary) Bill and the State Bank of Pakistan (SBP) Amendment Bill 2021 in parliament as the prior conditions needed for the sixth review of the $6-billion EFF to get cleared by the IMF’s executive board.

“The two bills are in process, and will be passed, paving way for the IMF funding,” Saad Hashmey, Executive Director at BMA Capital, told Business Recorder.

Hashmey added that the newly-introduced reforms in the power sector would also help in curbing fiscal deficit.

“The government is moving in the right direction from an economic perspective."

He added that after the IMF approval, the government would move towards other international lenders and may issue Sukuk bonds.

Completion of the review would make available SDR 750 million (about $1,059 million), bringing total disbursements under the EFF to about $3,027 million.

Hashmey added that the import bill, a key reason behind rupee depreciation, will go down amid measures taken by the central bank.

“The current account deficit (CAD) will fall below $1 billion from March-April," he added.

"The Real Effective Exchange Rate (REER) remains below 100, showing there is space for improvement for the Pakistani rupee."

Inter-bank market rates for dollar on Wednesday

BID Rs 176.15

OFFER Rs 176.25

Open-market movement

In the open market, the PKR gained 50 paisas for both buying and selling against USD, closing at 178 and 179, respectively.

Against Euro, the PKR lost 50 paisas for both buying and selling, closing at 200.50 and 202.50, respectively.

Against UAE Dirham, the PKR gained 10 paisas for both buying and selling, closing at 48.80 and 49.20, respectively.

Against Saudi Riyal, the PKR gained 10 paisas for both buying and selling, closing at 46.80 and 47.20, respectively.

Open-market rates for dollar on Wednesday

BID Rs 178

OFFER Rs 179

Comments

Comments are closed.

Pakistan's rupee registers back-to-back gains against US dollar

Intra-day update: rupee registers marginal improvement against US dollar

Forex reserves fall to $6.7bn on repayments

CARs: ADB lists barriers to trade flows

FX reserves may rise in H2FY23: All debt repayments on track, says SBP governor

Saudi Arabia, China sign strategic deals

‘Country of Particular Concern’: Pakistan conveys its concerns to US

765kV DC transmission lines: FD asks PD to take action on award of contract

Cabinet approves restoration of 11 revoked POL exploration licences

Amendments to power plants’ documents,transition from USD Libor benchmark to SOFR: MoF urges PD to nominate body as focal point

Consignments of imported soybean feed: FTO may issue release order today