KARACHI: The rupee struggled to remain firm on Tuesday, but the US dollar appreciated in the interbank market for the second day in a row.
The State Bank of Pakistan (SBP) reported the dollar gained 17 paise to settle at Rs278.29 compared to Rs278.12 a day before. The greenback appreciated by 18 paisa on Monday.
“The exchange rate is stable. The minor fluctuations have no significance,” said Atif Ahmed, a currency dealer in the interbank market. He said the exchange rate was being managed, and there was no trading in the interbank market; only the rate was opened at a higher level.
The exchange rate has been stable for the last three months, with the rupee slightly increasing. Now, it has reversed in favour of the US dollar. However, the fluctuations could not destabilise the exchange rate required for the economy and foreign investments.
A financial team led by Pakistan’s finance minister is currently in Washington for talks to secure a new loan from the International Monetary Fund.
Published in Dawn, April 17th, 2024
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