ISLAMABAD, Feb. 6 (Xinhua) -- Pakistani rupee made a comeback amid the freefall against the U.S. dollar as the greenback was being traded at 275.3 rupees in the interbank on Monday, according to the State Bank of Pakistan.
The U.S. dollar closed at 276.58 rupees on Friday, and on the first working day it went down after the local currency appreciated by 1.28 rupees or about 0.46 percent, the official figures showed.
The rupee has suffered a depreciation of around 25.47 percent against the greenback during the 2022-2023 fiscal year (from July 2022 to June 2023).
Talking to Xinhua, Khurram Schehzad, chief executive officer of Alpha Beta Core, a Pakistani Financial Advisory and Investment Strategy firm, said that there has been a positive development on the part of the government regarding the energy sector's circular debt-related payments.
He said this came as a result of the ongoing talks of the government with the International Monetary Fund delegation for the revival of its program, which has generated positive sentiments in the market resulting in the appreciation of the local currency despite being under a lot of pressure due to shrinking foreign exchange reserves. ■