Rupee inches up

Our Correspondent
Friday, Mar 31, 2023

KARACHI: The rupee closed slightly higher against the dollar on Thursday on subdued dollar demand from importers and better supplies, dealers said.

In the interbank market, the local unit ended at 283.66 per dollar, compared with Wednesday’s close of 283.92. It appreciated by 0.09percent on a day-on-day. However, the domestic currency lost 50 paisas to finish at 287 per dollar in the open market.

“Exporters sold dollars, which helped the rupee appreciate. However, the demand for the greenback from importers remained low,” said a currency dealer. The government is still battling to secure a bailout deal from the International Monetary Fund (IMF). The IMF is undertaking verification from bilateral countries, including Saudi Arabia and the UAE, on the external financing needs of Pakistan amidst indications that financial assistance is expected from bilateral friends, paving the way for signing the staff-level agreement.

Chairman of the Pakistan Foreign Exchange Association Malik Bostan told the Senate panel that they could provide $1 billion every month to the government over the next two years, after which there would be no need for the IMF.