Karachi: Rupee registered minor gain against dollar, appreciating 0.04 percent in inter-bank market.

As per State Bank of Pakistan rupee settled at 283.92 a gain of Re 0.11.

A day earlier, rupee had settled at 284.03 against dollar in inter-bank market, decline of Rs 2.32 or 0.82 percent. In key development, International Monetary Fund Resident Representative Esther Ruiz Perez said Pakistan authorities did not consult with staff ahead of announcing their recent fuel subsidy proposal.

“IMF is seeking greater details on scheme in terms of its operation, cost, targeting and protections against fraud and abuse and offsetting measures and will carefully discuss these elements with authorities,” Ruiz told via message.

Internationally, dollar regained some ground but was pinned near five-week low as traders tiptoed back into riskier assets after UBS’ state-backed takeover of Credit Suisse allayed some fears of widespread, systemic banking crisis. US dollar index, which measures greenback against basket of currencies, fell 0.04 percent to 103.30.

Published in The Daily National Courier, March, 22 2023

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