KARACHI, August 1(ABC): The rupee made a modest recovery against the US dollar in the interbank market after the Finance Ministry and State Bank of Pakistan (SBP) gave a roadmap for the ongoing fiscal year to overcome the economic crisis facing the country.
The rupee registered a minor gain of Rs0.53 or 0.22% and reached 238.84, up from 239.37 in the last trading session. Meanwhile, it closed at 246 in the open market.
The local unit — which is currently ranked among the worst performing currencies globally — took a battering in July in the interbank and open markets. In the last four months, the rupee has depreciated by about Rs60.
A day earlier, the Ministry of Finance and the central bank, in a joint statement, assured that the country’s problems were temporary and being forcefully addressed.
The statement assured that all prior actions for the International Monetary Fund’s (IMF) review were completed and the Executive Board’s meeting for the release of the $1.2 billion loan is expected in a couple of weeks.
