Rupee extends gains in interbank market

KARACHI:The Pakistani rupee appreciated against the United States (US) dollar in the interbank market on Thursday, according to SBP report.

According to the State Bank of Pakistan, the local unit (PKR) gained Rs0.08 against USD to close at 286.80. The US dollar closed at Rs286.88 the other day.

Meanwhile, the dollar is being sold at Rs303 in the open market. In a key development, Pakistani authorities are now hopeful of inking a deal with the International Monetary Fund (IMF) before they unveil the budget on June 9 (Friday).

The International Monetary Fund (IMF) in fresh contact with Pakistan has demanded to slash expenditures of the federal and provincial governments, it emerged.

The IMF in pre-budget talks has also demanded to fix the tax revenue target above Rs. 10,000 billion, according to sources.