Pakistani Rupee gains value against US dollar in interbank market
KARACHI – The Pakistani rupee on Tuesday gained against the US dollar, appreciating 0.4% during the trading in the inter-bank market.
The rupee was being quoted at 282.93 at 10:50am, an improvement of Rs1.1 against the US dollar in the inter-bank market.
On Monday, the rupee had registered back-to-back gains against the US dollar, settling at 284.03 in the inter-bank market.
The International Monetary Fund (IMF) said that the Pakistani government did not consult it before announcing the petrol relief package for the low-income people.
IMF’s resident representative for Pakistan Esther Perez told the Bloomberg that the global lender was not consulted on the government’s plan to raise fuel prices for wealthier motorists to finance a subsidy for lower-income people.
On Monday, Minister of State for Petroleum Musadik Malik announced that the federal government decided to subsidise petrol up to Rs100 for motorcyclists and owners of vehicles up to 800cc.