KARACHI: A day after the government implemented significant tariffs to resurrect the IMF rescue package that had stalled, the Pakistani rupee continued to appreciate against the US dollar on Thursday, rising by 0.56 percent.
The local currency rose by Rs1.48 to a value of 263.90 during interbank trading.
Against the US dollar, the local currency has risen steadily over the past few days. At one point, it dropped to an all-time low of Rs. 280 in relation to the US dollar, a startling loss in value.
However, the rupee has recently gained speed after the government unveiled the Finance (Supplementary) Bill, 2023, which adds taxes worth about Rs170 billion in a last-ditch effort to entice the international lender.
In addition to raising taxes, the coalition administration increased the cost of fuel, gas, and electricity.