On Wednesday, the Pakistani Rupee opened the trading session with a slight increase of 27 paisas against the US Dollar, as per the interbank exchange rate.
The Dollar opened the trading session with a rate of Rs287.60 in the interbank market, as per currency dealers.
At around noon, the local currency showed a rate of Rs287.80, after an increase of 7 paisas in the interbank market.
In the open market, however, the Dollar depreciated against the Pakistani Rupee. It was being sold at Rs289.5 and bought by customers for Rs286.5.
On Tuesday, the US Dollar opened the trading session with a value of Rs287, as the interbank exchange rate saw a slight dip of 55 paisas.
In the interbank trading, the Dollar closed at Rs 287.87 on Tuesday. Since October 16, the American currency has appreciated by Rs 11.04.
Interbank closing #ExchangeRate for todayhttps://t.co/CMM217Ksfv#SBPExchangeRate pic.twitter.com/Db6Lb7Fyzc
— SBP (@StateBank_Pak) November 14, 2023
In the open market, the US Dollar remained unchanged at Rs289. Since October 16, it has gone up by Rs12.
The American currency has continued its sharp upward trend over the past couple of weeks, as Pakistan engages in crucial talks with the International Monetary Fund to clinch the next instalment of over $700 million from a billion-dollar loan programme.
Also Read: Amid IMF talks, Rupee gains against mighty Dollar
On Monday, Pakistan’s discussions with the International Monetary Fund (IMF) resulted in an agreement to maintain the country’s annual tax collection target at Rs9,415 billion. The decision emerged from policy-level talks.
The international lender acknowledged the commitment of Pakistan’s tax authorities to uphold this annual tax target without the need for a mini-budget.
The discussions emphasized an assurance from the caretaker government that no new taxes would be imposed. Instead, efforts will be directed towards enhancing administrative measures to bolster tax revenue.
