ISLAMABAD: After having a mild depreciation for the last three days, the Pakistani Rupee turned back into an upward trend against the American dollar both in the Interbank and the open market.
According to the State Bank of Pakistan (SBP), the local currency gained some ground at Rs 0.79 against the US dollar, with an appreciation of 0.28% in the inter-bank market on Wednesday to settle at Rs 287.18.
Interbank closing #ExchangeRate for today https://t.co/bCE39AUrIe#SBPExchangeRate pic.twitter.com/wYKKMjGfY3
— SBP (@StateBank_Pak) June 14, 2023
On the previous day, the Pakistani rupee witnessed losses for the third consecutive session against the greenback to settle at 287.97 in the inter-bank.
Meanwhile, it was also encouraging for the market that, like the interbank, the local currency got strength in the open market against the American dollar, to come under the 300 benchmark and was traded in the range of Rs 295-299.
The last couple of days witnessed the local currency over Rs 300 against the dollar, resulting in a more wide disparity in the open market and interbank, which incites overseas Pakistani to send remittances through illegal means.
Pakistani Rupee’s Strength Against Dollar
Experts attributed the slight appreciation of the local currency particularly in the open market to some positive signs. One of the reasons they believe was the recent statement by the Minister of State for Finance Dr Aisha Ghaus Pasha, who expressed that Pakistan would neither go the Paris Club nor would it default on payments to multilateral, international agencies or commercial banks.
Meanwhile, the incumbent government is still hopeful for the resumption of the International Monetary Fund (IMF) program, as it claims to fulfil almost all conditions of the major lending body.
