Karachi October 10 2022: Pakistan Rupee continue to appreciate for the twelfth consecutive session in interbank against dollar and gains more than two Rupee as Finance minister reaffirmed the government’s resolve to fully honor all the commitments made with International Monetary Funds (IMF) and other creditors, besides addressing the issues faced by the local business community amid increased financial assistance from financial institutions
The finance minister categorically dismissed the speculation with respect to approach Paris Club for the rescheduling of loans of the multi-lateral lenders and donor agencies, besides extending the date of maturity of Pakistani bound in international market.
The bond would be matured by December this year and all the payments would be endured with in time to maintain and protect national sovereignty, he added.
Pakistan Rupee appreciate PKR 2.02 or 0.9 percent in interbank to trade at 217.90 at PST 13:30 against yesterday closing of 219.92. In the last eleven consecutive session rupee gains PKR 19.99 or 9.1% from recent low of 239.71.
Moreover, In Open Market Rupee is trading at 220.0 at PST 13:30, according to Forex Association of Pakistan.
The United Nations has scaled up appeal for the ‘Floods Response Plan’ in Geneva, seeking $816 million to control a surge in water-borne diseases following the country’s worst floods in decades.
The Asian Development Band (ADB) will provide flood relief support to Pakistan to the tune of US$ 2.3 to 2.5 billion including US$ 1.5 billion for the BRACE program which will be placed before the ADB Board for approval during this month says Country Director ADB for Pakistan Yong Ye told Finance Minister Senator Mohammad Ishaq Dar.
The SBP taking cognizance initiated strict monitoring of the foreign exchange operations of banks and exchange companies and has initiated inquiry proceedings into the violations made against SBP regulations.
The dollar held its ground on Monday as investors set their sights on data later in the week that is expected to show red-hot inflation after a strong U.S labour market reinforced bets on higher interest rates, reported by Reuters. The U.S. dollar index was up 0.009% at 112.82, off lows around 110 last week and creeping back toward last month's 20-year high of 114.78.