KARACHI: The rupee closed the week unchanged at 278.21 against the US dollar as compared to the week earlier when the local unit had stood at the same level.
In recent weeks, the domestic currency has largely been around 277-278 against the dollar as Pakistan moves forward with its plan to win a longer and longer International Monetary Fund (IMF) bailout programme.
Pakistan authorities and the IMF have made “significant progress” towards reaching a staff-level agreement (SLA) on a new programme, according to an end-of-mission statement posted on the lender’s website.
The IMF mission, which concluded its visit on May 23, was in Islamabad to discuss Pakistan’s pursuit of a longer, larger Extended Fund Facility (EFF).
Sources told Business Recorder that the government has proposed to the Washington-based lender to increase income tax exemption threshold up to Rs1 million for salaried class.
There is a proposal to rationalise the tax rates for individuals by removing the salaried/ non-salaried distinction and reducing the number of rate slabs, as per the sources.
Meanwhile, the National Accounts Committee (NAC) approved provisional growth of gross domestic product (GDP) at 2.38% for the ongoing fiscal year 2023-24 against the budgetary projection of 3.5%.
The federal government is expected to present the budget for the next financial year 2024-25 in the National Assembly on June 7 (Friday).
In the open market, the PKR lost 1 paisa for buying and 5 paise for selling against USD, closing at 277.02 and 279.55, respectively.
Against Euro, the PKR gained 2.08 rupees for buying and 1.91 rupee for selling, closing at 297.63 and 300.48, respectively.
Against UAE Dirham, the PKR gained 9 paise for both buying and selling, closing at 75.17 and 75.91, respectively.
Against Saudi Riyal, the PKR gained 9 paise for both buying and selling, closing at 73.42 and 74.11, respectively.
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THE RUPEE
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Weekly inter-bank market rates for dollar
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Bid Close Rs. 278.21
Offer Close Rs. 278.41
Bid Open Rs. 278.21
Offer Open Rs. 278.41
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Weekly open-market rates for dollar
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Bid Close Rs. 277.02
Offer Close Rs. 279.55
Bid Open Rs. 276.96
Offer Open Rs. 279.50
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Copyright Business Recorder, 2024