Islamabad May 11 2023: Pakistan Rupee strengthened in interbank against the Greenbank after hitting record low level of 298.93 on yesterday closing as Finance Minister assures timely payment of external liabilities whether country remain in IMF or not.
Pakistan Rupee is gain 15.91 or 5.6 percent to trade at 283.02 against the dollar in interbank (PST 11:20). Yesterday, rupee was closed at record low of 298.93 after falling PKR 8.71 or 3.0 percent in interbank.
Federal Finance Minister Ishaq Dar during the seminar has said that whether there is IMF or not, Pakistan will not default. Pakistan has fulfilled all the conditions and steps have been taken for the agreement according to the conditions of the IMF.
Finance minsiter said that 3.7 billion dollars have to be paid by June, Pakistan will fulfill all promises and make timely payments.
IMF remains engaged with Pakistan on securing funding and policy assurances with the goal of reaching an agreement on the ninth review of the $6.7 billion loan agreed in 2019, IMF spokesperson said in an emailed response to Bloomberg questions.
Moreover, KSE-100 Index gains 155 points or 0.4 percent to trade at 41,480 points (PST 11:25) on Friday.
The political temperate is still unnerving even after Supreme Court of Pakistan declared arrest of Imran Khan as illegal from premises of Islamabad High Court as it will affect the trust of public on courts and ordered him to be shifted to Police Lines Guest House under judicial supervision.
Pakistan could default without an International Monetary Fund bailout as its financing options beyond June are uncertain, Moody’s Investor Service said three days earlier.
Against major developed currencies the U.S. dollar was clinging close to a more than one week peak on Friday as a slew of data overnight pointed to a slowing U.S. economy, with investors betting that the Federal Reserve will pause its interest rate increases. The dollar index , which measures the U.S. currency against six rivals, eased 0.078% at 102, not far from the 102.15 it touched overnight, the highest since May 2. The index is set to snap a two-week losing streak, gaining 0.7% this week.
