The Pakistani rupee continued to surge against the US dollar in the internet market on Thursday. According to the data extracted from the forex traders, the local currency’s rise was steady as it appreciated by 28 paisas against the greenback and was currently exchanging hands at Rs286.60. On Wednesday, the Pakistani rupee saw a marginal gain against the US dollar with an appreciation of 0.08% in the interbank market. At close, the local currency had settled at 286.98, an improvement of 24 paisas. In a key development, Finance Minister Ishaq Dar had a meeting with US Ambassador Donald Blome apparently seeking US assistance over the IMF loan revival programme.

 The federal government had meanwhile unveiled what it termed the ‘Economic Revival Plan’ that focuses on “untapped potential in key sectors” at a time of record inflation, interest rates, and dwindling foreign exchange reserves. “The plan envisages capitalizing Pakistan’s untapped potential in key sectors of defence production, agricultural, livestock, minerals, mining, IT and energy through indigenous development and investments from friendly countries,” read a statement which the government issued on Tuesday.

 Separately, Foreign Direct Investment (FDI) in the country plunged by 21% during the first 11 months of this fiscal year (FY23). The State Bank of Pakistan (SBP) had reported that Pakistan fetched FDI amounted to $1.32 billion during July-May of FY23 as against $1.66 billion in the same period of last fiscal year (FY22), depicting a decline of $345 million.

Credit : Independent News Pakistan-INP