LAHORE – The Pakistani rupee gained its ground against the US dollar in the interbank market in early trading session on Friday.
The local currency appreciated by almost Rs11 in the interbank market during the intraday trade and was changing hands at 275 against the greenback.
However, the local currency recorded historic plunge on Thursday as it lost Rs18.98 against the dollar that was closed at Rs285.09.
The strengthening of the local currency against the dollar followed Finance Minister Ishaq Dar’s statement that stalled agreement between Pakistan and the International Monetary Fund (IMF) is likely to take place next week. Another positive factor is yesterday’s transfer of Chinese loan to Pakistan.
The State Bank of Pakistan’s (SBP) foreign exchange reserves have been increasing and are almost US $ 1 billion higher than four weeks ago despite making all external due payments on time, he added.
The central bank received $700 million as GoP commercial loan disbursement from China and after accounting for external debt repayments, the SBP reserves increased by $556 million.
Today s currency exchange rates in Pakistan – Dollar, Euro, Pound, Riyal rates on March 03, 2023
