Dollar declines Rs1.75 to close at Rs205.12 in interbank market
Business
Dollar declines Rs 1.75 to close at Rs205.12 in interbank market
KARACHI (Dunya News) – Rupee on Wednesday extended its gain for the second consecutive day against the US dollar in the inter-bank market.
The rupee closed at 205.12, with a gain of Rs1.75 or 0.85% against the local currency.
— SBP (@StateBank_Pak) June 29, 2022
The currency gained Rs 4 against the Pound Sterling as the day s closing quote stood at Rs250.04 per GBP, while the previous session closed at Rs253.99 per GBP.
Similarly, PKR s value strengthened by Rs3.4 against EUR which closed at Rs215.64 at the interbank today.
The rupee is making recovery during the last two days after the country amid hopes for revival of IMF program.
On Tuesday, Pakistan received Memorandum of Economic and Financial Policy (MEFP) from the International Monetary Fund (IMF) which would combine the seventh and eighth tranches.
Minister for Finance Miftah Ismail while addressing a conference titled “Turnaround Pakistan” had said that the government would receive from the IMF $ 900 million as the seventh tranche and $1 billion as the eighth tranche.
The Minister said that Prime Minister Shebaz Sharif’s dream was to take Pakistan towards self reliance, sustainable and inclusive growth. “This goal is not difficult.
The government has examples of China, Japan and South Korea, which have grown by 10% annually.
He said: “We intend to provide relief to 6 million people, of which 4 million are already registered. The Prime Minister has provided a scheme for cheap petrol and food which will benefit 6 million people,” he said adding that the government had made difficult decisions to strengthen Pakistan’s economy.
“When we left the government, country’s debt servicing stood at Rs 1,500 billion per year, which currently stands at Rs 4,000 billion and now our debt has doubled. Now Pakistan can’t afford any more deficits,” he said while explaining anomalies involving tax to GDP ratio which is one of the lowest in the world.
He said that the government made petrol more expensive and the poor people understood the situation and sided with us. Similarly, “we imposed tax on rich people and also imposed super tax on 10 percent of industries.
The government is also bringing shopkeepers all over Pakistan into the tax net,” the Minister said adding that economic growth in Pakistan required strong fiscal discipline and economic management.
