Karachi: A day after plunging to all-time lows, rupee recovered some ground against dollar, appreciating 0.63 percent in inter-bank market. According to State Bank of Pakistan (SBP), domestic unit settled at 286.62, an increase of Rs 1.81. This comes day after rupee dropped to new all-time low against dollar, settling at 288.43 in inter-bank market after loss of Rs 1.34.

In key development, IMF in its latest report, World Economic Outlook (WEO), revised downward GDP growth rate projection for Pakistan from 2 percent to 0.5 percent for current fiscal year, i.e., 2023. Fund projected rise in inflation from 19.9 percent to 27.1 percent and unemployment from 6.2 percent to 7 percent.

Internationally, slipped ahead of closely-watched inflation reading later in day that will provide clues on path of Federal Reserve interest rate hikes. Following last week’s solid US jobs data, all eyes are now on inflation report, with currency moves subdued ahead of release. Against basket of currencies, dollar index fell 0.05 percent to 102.07.

Published in The Daily National Courier, April, 13 2023

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