Today, the interbank market saw the Pakistani rupee open at 281 and gain a little against the US dollar.
It started out as a bearish value vs the US dollar and dropped as low as 281 against it during today’s intraday trading. Notably, public mood and the PSX, two major market indicators, kept declining significantly. After reversing its intraday losses, PSX ended the day in the black.
The interbank rate closed at 281 after vacating its previous range. It remained there for the duration of the day. Today’s open market rates were between 279 and 281, according to many currency counters.
After gaining two paisas against the dollar today, the PKR appreciated by 0.01 percent to settle at 279.31 at the close.
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After losing some ground the previous day, the rupee ended the day higher. Thus far this fiscal year, it has increased by 2.37 percent.
The rupee has decreased overall since January 2023 by around Rs. 60. It has decreased by more than Rs. 107 versus the US dollar since April 2022. The PKR gained two paisas against the dollar today based on the changes in currency rates that were observed today.
A day after the Energy Ministry (Petroleum Division) assured of fruitful discussions with the lender, Pakistan’s rationalization and circular debt reduction measures were rejected by the International Monetary Fund (IMF), marking a significant development.
In answer to a question late on Monday night, Nathan Porter, the IMF’s Mission Chief to Pakistan, stated, “In our opinion, the proposed plan does not address the underlying problems.” Specifically, the tariff rationalization plan’s CD neutrality is questionable and it would significantly increase the burden on poor households.
“We are open to working with the government and other international partners to advance a sustainable reform plan addressing the above-mentioned issues” was another statement he made. “If successfully implemented, this plan would allow tariffs for all classes of consumers to fall.”
Against the majority of the other major currencies in the interbank market today, the PKR was up.
It gained six paisas against the Australian dollar (AUD) and 76 paisas against the euro (EUR) and was steady versus the Saudi Riyal (SAR) and the UAE Dirham (AED).
On the other hand, in today’s interbank currency market, it lost six paisas versus the Canadian dollar (CAD) and eighteen paisas against the British pound (GBP).
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