PKR recovers by 8.09 rupees in early trade

MG News | March 03, 2023 at 10:08 AM GMT+05:00

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March 03, 2023 (MLN): After bearing a day in a blood bath, the Pakistani rupee (PKR) on Friday started gaining some strength in early trade as the currency gained eight rupees against the US dollar compared to the previous close of PKR 285.09 per USD.

The local unit was quoted at PKR 277.10/279.10 [10:07 PST] with the trades being reported at 277 per USD while in the open market, PKR is being traded at 287/290 per USD.

This significant recovery in the intraday trade is primarily due to the dissipated situation of chaos and uncertainty as the central bank has increased the policy rate hike by 300 bps to 20% to comply with IMF's conditions.

Meanwhile, the authorities also took most of the other prior actions, such as increasing fuel and energy tariffs, withdrawing subsidies in export and power sectors, and generating more revenues through new taxation in a supplementary budget.

Furthermore, the settlement of most of the LCs has taken place which took off some pressure from the local unit.

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