Pakistani rupee roars back at US dollar in interbank business,
ISLAMABAD (Web Desk) – Finance Minister Muhammad Ishaq Dar has commended Federal Board of Revenue for collecting 7,169 billion rupees in lieu of taxes against the target of 7,200 billion rupees during the last fiscal year.
Speaking during his visit to the FBR headquarters in Islamabad, he said the negligible shortfall of 31 billion rupees is due to import compression and spendings in foreign currency.
The Finance Minister lauded the FBR for surpassing the target of 524 billion rupees by collecting over 538 billion rupees during the first month of the current financial year.
He stressed the need to work with more strength and cohesion to achieve the aggressive target for the current fiscal year which is nine to ten trillion rupees.
Ishaq Dar said the stringent financial measures taken by the coalition government have paid off as the national reserves today, stand between 13 to 14 billion dollars.
Earlier,
The Pakistani rupee on Thursday showed some spine in interbank trading as it went up against the US dollar despite yesterday’s heavy drubbing, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency appreciated by massive Rs2.18 against the greenback and ended the day at Rs287.20.On Wednesday, the Pakistani rupee had registered a loss for the third straight session against the US dollar as it depreciated by 0.64%. At close, the rupee had settled at 289.38, a decrease of Rs1.84.
Economic experts attributed the stronger US dollar value to the demand-supply pressure in the market. “The ease in import restrictions is driving demand for US dollar,” an expert said and added the greenback is expected to remain range-bound, and would trade in the range of 285-290.
In a key development, the Federal Board of Revenue (FBR) had provisionally collected Rs538 billion during July 2023 against the assigned monthly target of Rs534 billion, reflecting an increase of Rs4 billion.
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