Islamabad, 3 March 2023 (GNP): The Pakistani rupee recovers against the US dollar on Friday, one day after hitting an all-time low.
The local currency, which was recorded yesterday at Rs285.09 against the US dollar, however, appreciates Rs8.34 in interbank today and is being traded at Rs276.75 during intra-day session.
The local currency gained ground against the dollar followed by Finance Minister Ishaq Dar’s statement, “a long-stalled accord between Pakistan and the International Monetary Fund (IMF) will likely to take place next week”.
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Another encouraging development is the disbursement of a Chinese loan to Pakistan yesterday. China disbursed $700 million to the State Bank of Pakistan (SBP) as reimbursement for Government of Pakistan’s (GoP) commercial loans.
The Finance Minister said in a tweet that some anti-Pakistan elements were circulating false information about Pakistan’s potential default. These rumors, he claimed, were not only wholly untrue but also contradicted the evidence.
Despite paying all external due payments on time, the State Bank of Pakistan’s (SBP) foreign exchange reserves have been rising and are now approximately US dollar 1 billion greater than they were four weeks ago, he further added.
The Foreign Commercial Banks have begun providing Pakistan with facilities, according to the Finance Minister.