Pakistani rupee thrashes US dollar in interbank trading
ISLAMABAD – Acting British High Commissioner Andrew Dalgleish praised the measures being undertaken by the incumbent government for economic stability and offered “all possible help” in mitigating the country’s socioeconomic crisis.
Mr Dalgleish called on Finance Minister Senator Ishaq Dar on Wednesday and discussed the current macroeconomic situation of the world as well as Pakistan.
The minister briefed him on the progress in talks with the International Monetary Fund (IMF) and apprised him of the overall economic outlook of the country.
Senator Dar also briefed the envoy on pragmatic policies and programmes of the government being undertaken to generate revenue and bring economic stability and growth to the country.
The British envoy commended the measures being undertaken by the present government and offered “all possible help” in mitigating the socioeconomic crisis.
Finance Minister Dar appreciated Mr Dalgleish for his cooperation and support.
Special Assistant to Prime Minister on Finance Tariq Bajwa, special secretary of finance, and other senior officers from the Finance Division also attended the meeting.
Pakistan has been facing economic turmoil for the last several months, which has been exacerbated by a worsening foreign exchange reserves situation, a spiralling rupee and record inflation. The government has been in talks with the IMF for the release of an economic bailout to avoid the threat of default.
Earlier,
The Pakistani rupee has shown some guts and surged by Rs1.81 against the US dollar in the interbank trading on Wednesday
As per the State Bank of Pakistan, the greenback was plunged during early trade and trend lasted until the business was called off for the day. The US dollar ended the day at Rs286.62.
The market remained volatile as the local unit remained under pressure almost all this week. However, there was a good news on economic front when the State Bank on Monday announced a 27.41% increase in workers’ remittances for the month of March 2023.
Besides this, a high-level Pakistani delegation led by finance secretary Hamed Yaqoob Sheikh reached Washington on Thursday to attend the World Bank and the International Monetary Fund.
The secretary would represent Pakistan in the absence of Finance Minister Ishaq Dar as delegation head after Dar cancelled his visit to Washington on the direction of prime minister, citing political turmoil in the country as the reason.
However, Dar assured the nation that the IMF deal was on track and the government had already completed all prior actions as required from it to conclude the ninth review of the loan programme.
Islamabad has been negotiating with the IMF since early February to secure $1.1 billion funding as part of a $6.5 billion rescue programme agreed in 2019.
Open market rates during early trade
On the other hand, the rates of different currencies in the open market by 8am today were as followed:
The buying rate of one US Dollar in Pakistani Rupees was Rs 292.00, while the selling rate was Rs 295.00.
The buying rate of one Saudi Riyal was Rs 76.80, while the selling rate was Rs 77.80.
The buying rate of one Euro was Rs 314.80, while the selling rate was Rs 318.80.
The buying rate of one UK Pound Sterling (GBP) was Rs 359.00, while the selling rate was Rs 364.00.
The buying rate of one UAE Dirham (AED) was Rs 78.75, while the selling rate was Rs 80.00.
The buying rate of one Canadian Dollar (CAD) was Rs 212.30, while the selling rate was Rs 216.30.
Comments are closed, but trackbacks and pingbacks are open.