Update 2: PKR keeps gaining ground, up by around 10 rupees

MG News | March 03, 2023 at 11:40 AM GMT+05:00

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March 03, 2023 (MLN): Gaining further, the Pakistani rupee (PKR) appreciated by over ten rupees against the greenback in intraday trade compared to the previous close of PKR 285.09 per USD.

The local unit was quoted at PKR 275.03/277.03 [11:39 PST] with the trades being reported at 275.24 per USD while in the open market, PKR is being traded at 280/285 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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