KARACHI – The Pakistan rupee managed to recover slightly against the US dollar in the interbank market on Friday amid hopes of political stability as both PTI and the government have started dialogue to break impasse on elections in the country.
According to the State Bank of Pakistan (SBP), the local currency appreciated by 0.03 percent to settle at Rs283.84 as compared to yesterday’s rate of Rs283.92.
Interbank closing #ExchangeRate for todayhttps://t.co/1PoGGrqQi4 pic.twitter.com/EGeDFKpxA1
— SBP (@StateBank_Pak) April 28, 2023
On Thursday, the greenback gained 53 paisas against the local currency reach Rs283.92 as compared to yesterday’s rate of Rs283.39.
The delay in revival of the IMF loan programme is one of the key factors that have put pressure on the Pakistani rupee.
The global lender has not taken any decision for releasing the much-needed funds to the South Asian country that has met almost all conditions laid forth by it in this regard. One of the major conditions was to secure external financing assurance from friendly countries.
Interestingly, the United Arab Emirates and Saudi Arabia has pledged to provide the assurance in order to help Pakistan secure the funding from the IMF.
Rupee depreciates by 53 paisas against dollar in interbank market
