The Pakistani Rupee (PKR) recovered eight paisas against the US dollar on Wednesday at interbank closing despite the fact the market was opened after five holidays.
The exchange rate ended at PKR 283.39 to the dollar from previous closing of PKR 284.47 on April 20, 2023 at interbank foreign exchange market.
READ MORE: PKR to dollar interbank forex market closing on April 20, 2023
It is pertinent to mention that the foreign currency market was remained during April 21 to 25 on the occasion of Eid-ul-Fitr.
Currency analysts said that the market was remained volatile during the day. However, the local currency ended with gains despite early day losses.
READ MORE: PKR to Dollar in interbank foreign exchange market on April 19, 2023
Earlier, in the day the rupee witnessed a decline due to demand pressure for the dollar as the market opened after five days.
However, prevailing news of breakthrough between Pakistan authorities and IMF regarding loan program under Extended Fund Facility (EFF).
Besides, the current account also posted a surplus after over two years in the month of March 2023.
On April 11, 2023, the PKR reached a historic low of PKR 288.42 to the dollar.
READ MORE: Pakistani Rupee appreciates by 81 paisas against US Dollar on April 18
Experts are worried about the decline in remittances and the depletion of foreign exchange reserves. They urge for quick action to stabilize the currency and attract foreign investment.
However, recent positive developments, such as assurances from the International Monetary Fund (IMF) regarding Pakistan’s ability to repay its loans, commitments from Saudi Arabia and the UAE to fund Pakistan, and the ease of import and corporate payments before Eid holidays, have helped alleviate concerns about the country’s financial stability.
