The Pakistani rupee registered a marginal gain against the US dollar, appreciating 0.04% during the early hours of trading in the inter-bank market on Thursday.
Around 10 a.m., the rupee was trading at 283.80, up Re0.12 on the interbank exchange against the US dollar.
The rupee struggled to maintain its gains against the US dollar the day before, shedding Re0.37 or 0.13% to close at 283.92 in the interbank market.
In a significant development, Minister of State for Finance Dr. Aisha Ghaus-Pasha stated on Wednesday that the International Monetary Fund (IMF) wants to independently verify commitments from friendly countries, Saudi Arabia and the United Arab Emirates, which is why staff-level agreement on the 9th review is taking time.
The minister informed the Senate Standing Committee on Finance that there had recently been some progress, and ideally there would be good news.
She claimed that since China had supported Pakistan, it is now anticipated that Saudi Arabia and the UAE will do the same.
Internationally, the US dollar gained ground on Thursday as investors focused on the Federal Reserve’s fight against inflation as financial sector worries subsided and helped boost risk sentiment.
After increasing 0.19% overnight, the dollar index, which compares the value of the dollar to six important rivals, increased 0.097% to 102.73. The index, however, was projected to lose 2% in March as a result of market turmoil brought on by issues in the financial sector.
An important gauge of currency parity, oil prices dropped on Thursday as the dollar gained strength. Investors were closely monitoring events relating to the decline in oil exports from Iraqi Kurdistan.