KARACHI – Pakistan rupee on Friday lost some ground against the US the US dollar a day after it registered a significant recovery in the interbank market on the back of Saudi Arabia’s pledge for $2 billion deposits that rekindled hopes for revival of the much-needed IMF loan programme.
According to closing exchange rates shared by the State Bank of Pakistan (SBP), the greenback strengthened by 0.08 percent or 23 paisas to settle at Rs284.65.
On Thursday, the local currency broke its losing streak to recover by 1.21pc against the dollar as it closed on Rs284. 42 as compared of Wednesday’s Rs287.85.
The rupee bounced back after State Minister for Finance Aisha Ghaus Pasha revealed that Saudi Arabia had assured the global lender of providing new loan to the South Asian country in order to help it unlock the next tranche of loan.
She confirmed the development on Thursday stating the government has received indication from the IMF that it had received commitment from the kingdom regarding funding.
She said that talks are underway with the United Arab Emirates to seek same commitment before the Staff-Level Agreement with the global lender as the South Asian has already missed multiple deadlines.
https://en.dailypakistan.com.pk/07-Apr-2023/gold-price-up-by-rs100-per-tola-in-pakistan
