There appeared to be no looking back for the Pakistani rupee as it hammered the US dollar massively in the interbank trading on Wednesday amid flurry of government activities aimed at finalizing a loan programme with the IMF. According to the information provided by the forex dealers, the rupee shot up by healthy Rs2.34 in the morning session against the greenback and was currently exchanging hands at Rs265. On Tuesday, the Pakistani rupee was up against the US dollar, appreciating 0.79% in the inter-bank market. As per the State Bank of Pakistan, the local currency had closed at 267.34 against the US dollar, an increase of Rs2.1.

In a key development, talks between the IMF and Pakistan government were set to resume virtually on Monday, as the two sides looked to reach a deal to unlock funding critical to keep the cash-strapped South Asian country afloat. However, there was no word from the government about the talks yet.

The two could not reach a deal last week and a visiting IMF delegation departed Islamabad after 10 days of talks, but said negotiations would continue. Pakistan is in dire need of funds as it battles a wrenching economic crisis. Meanwhile, the federal government has undertaken a stray of steps including its plan to table the Finance Amendment Bill 2023 containing new taxes of Rs170 billion in the parliament today. The federal cabinet has given approval to the finance bill.

Credit : Independent News Pakistan-INP