Rupee gains against dollar after govt shares blueprint for FY 23
The rupee recovered strongly against the US dollar in the free market during intra-day trade after the Ministry of Finance and State Bank of Pakistan (SBP) gave a blueprint for the current year in order to overcome the economic crisis facing the country.
In the local market, the local currency appreciated by 4.50 and declined to 243.50 against the dollar. Meanwhile, the rupee made a little gain in the interbank market by Rs0.12 and rose to 239.25 against the greenback.
The gain in the free market also came after the government bank last Friday injected Rs 1,240,75 billion into the money market for 63 days through its open market operation.
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The local unit- which now ranks among the world’s worst performing currencies- faced the worst depreciation. Over the past four months, the rupee has depreciated by approximately 60 rupees.
The ministry of finance and the central bank, in a joint statement, assured that the country’s problems were temporary and resolutely solved.