Karachi June 5 2023: Dollar move down 5 Rupees in the open market on growing optimism the nation will succeed in restarting its $6.7 billion bailout program with the International Monetary Fund.
Dollar is trading at 301 in the open market (PST 12:15) against yesterday closing of 306. On June 1, dollar in the open market fall by 17 Rupees to 297 as State bank of Pakistan allowed settlement of card payments through interbank but then fall to 308 in open market on anticipation of dollar amnesty scheme.
Dollar in interbank move up 11 paisa to trade 286.67 at PST 12:15 against Pak Rupee against yesterday closing of 286.56 according to State Bank of Pakistan.
Prime Minister Shehbaz Sharif has asked the finance ministry to ensure that there is no violation of parameters set by the IMF in the next budget to be presented on June 9.
Bloomberg reported that bonds due April 2024 gained a seventh day, with the notes indicated 0.5 cents higher to about 58 cents on the dollar on Wednesday, the highest since February.
The South Asian nation is making a final effort to revive its loan program before it expires at the end of June as it works to secure the remaining $2 billion in external funding gap out of a $6 billion target set by the IMF. The IMF loan is crucial in helping Pakistan avert a sovereign default, with billions of dollars of debt payments approaching.
