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Rupee registers 0.03% gain, settles at 283.84 against USD

April 28, 2023 at 7:20 pm | Economic Affairs

April, 28(E. A Report) — Pakistani rupee registered a marginal gain against US dollar by settling with an appreciation of 0.03% during week end session on Friday.
According to State Bank of Pakistan (SBP), Rupee closed at 283.84 with an increase of Re0.08. Whereas Rupee sustained a loss against US dollar on Thursday, settling at 283.92 in the inter-bank market, a decrease of Re0.53.
In a key development, United States called on Pakistan to move ahead on stalled reforms sought by the International Monetary Fund (IMF), promising technical help as the world’s fifth most populous nation weathers an economic crisis.
“The reform(s) that Pakistan and the IMF agreed to are not easy, but it’s crucial that Pakistan take these actions to bring the country back to sound financial footing, avoid falling into further debt and grow Pakistan’s economy,” said Elizabeth Horst, the State Department official in charge of Pakistan.

Pakistan signed a billion bailout package with the IMF in 2019 but less than half has been released as the country reneges on conditions.
Internationally, the US dollar was on track for a second straight monthly loss on Friday on mounting expectations the Federal Reserve could soon end its aggressive rate-hike cycle, while the yen steadied near a one-week high ahead of a pivotal central bank decision.
US dollar take dip against most major peers in broader currency market but its losses were capped by data pointing to still-sticky inflation in the world’s largest economy, which reinforced expectations for a 25-basis-point rate hike at next week’s FOMC meeting.
Against a basket of currencies, the US dollar index last stood at 101.45 and was headed for a monthly loss of more than 1%, after having fallen about 2.3% in March.

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