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Friday, December 01, 2023  
16 Jumada Al-Awwal 1445  

Interbank update: Rupee weakens against US dollar

PSX closes on positive note as KSE-100 adds 14 points
File photo
File photo

The rupee maintained its slide against the dollar in the interbank foreign exchange market on Wednesday.

The greenback gained 27 paisas to reach Rs288.14 at the closing of the market, as against the closing of Rs287.87 the previous day.

In the open market, the foreign currency was quoted at 288.5 for buying and 291 for selling at the time of filing this story, forex.pk.

The Pakistan Stock Exchange recorded another positive session as the benchmark KSE-100 Index added 14.13 points or 0.02% to reach 56,680.06 levels at the closing of the market.

The KSE-30 Index shed 27.90 points or 0.15% to reach 19,000.77 at the closing of the trading session on Wednesday.

Meanwhile, the International Monetary Fund team and Pakistan are negotiating for the disbursement of funds under the Stand-by Arrangment. The government is expecting ‘good news’ to arrive soon regarding the release of the second tranche.

Read: IMF seeks assurance from friendly countries before extending loans to Pakistan

The government hopes to collect almost Rs55 billion through the windfall tax which will be imposed on the profits from fiscal years 2021 and 2022.

Earlier, IMF Managing Director Kristalina Georgieva said that a deal with Pakistan is very close.

In an interview given to the American magazine Bloomberg, Georgieva said that the Pakistani authorities are implementing the programme under very difficult conditions, but are very close to a deal with Pakistan.

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Pakistan Rupee

US Dollar

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