Pakistani rupee gains against US dollar

The Pakistani rupee on Tuesday gained against the US dollar, appreciating 0.4% during the trading in the inter-bank market.

At 10:50 am, the rupee was trading at 282.93, up Rs. 1 on the interbank market against the US dollar.

The rupee made back-to-back gains against the US dollar on Monday, ending the day at 284.03 in the interbank market.

The Pakistani government failed to negotiate with the International Monetary Fund (IMF), according to the IMF, before establishing the low-income people's fuel assistance programme.

The government's plan to raise fuel prices for more rich people to pay for a subsidy for those with lower incomes was not considered by the international institution, according to Esther Perez, the IMF's resident representative for Pakistan, who spoke to Bloomberg.

The federal government agreed to provide motorcyclists and owners of vehicles up to 800cc with a subsidy on petrol up to Rs. 100, according to Monday's announcement by Minister of State for Petroleum Musadik Malik.