Karachi September 30 2022: Pakistan Rupee continue to appreciate for the sixth consecutive session in interbank against dollar as IMF reaffirmed its support for Pakistan in this hour of need caused by the devastating floods to newly appointed Finance Minister and UN to launch a fresh plea of USD 600 million earlier next week for flood victims.
IMF Mission Chief, Mr. Nathan Porter shared Funds’s assessment of the challenges facing the economy. He also expressed IMF’s support for Pakistan in this hour of need and in this context mentioned the meeting of the MD IMF with the Prime Minister of Pakistan. The IMF Mission Chief also discussed the support of international lenders for the country to mitigate the effects of flashfloods.
The United Nations will be launching a fresh appeal on October 4 for an additional USD 600 million in support to Pakistan for providing immediate relief to millions of flood victims across country.
Newly sworn-in Finance Minister Ishaq Dar on Wednesday said strengthening regaining the deserving value to country’s currency, bringing down inflation and reducing interest rate were among the priorities.
Pakistan Rupee appreciate PKR 1.9 or 0.83 percent in interbank to trade at 227.73 at PST 11:25 am against yesterday closing of 229.63. In the last six consecutive session rupee gains PKR 11.98 or 5.0% from recent low of 239.71.
In Open Market Rupee gains 1 rupee to trade at 229.0 at PST 11:25 am against yesterday closing of 230.0.
Ishaq Dar was optimistic that the country would be put back on growth path as the Pakistan Muslim League (N) had the history of correcting economy during crisis in the past.
“As a nation we had challenges, we have faced them with success in the past,” he said while citing the examples of economic restriction following nuclear tests of 1998 and declared macroeconomic instability of 2013.
The dollar index , which measures the greenback against the euro, sterling and four other major peers, managed to edge 0.12% higher to 111.93, but remained close to a one-week low of 111.64 reached overnight, as per Reuters.