Today, the Pakistani rupee opened trading at 282 in the interbank market, marking its eleventh consecutive day of decline versus the US dollar.
It was in a positive mood at 11:30 PM, trading near 278 against the US dollar.
Later, between 1:30 and 2:30 PM, the interbank rate fell below the 285 level before stabilizing patterns for the rest of the day. Today’s open market rates were between 282-286 at several currency counters.
Following today’s loss of 98 paisas against the dollar, the PKR depreciated by 0.34 percent to settle at 285.29 at the close.
Today marked the eleventh day in a row that the rupee closed lower.
The rupee has declined significantly from January 2023, by around Rs. 68. It has decreased by more than Rs. 115 versus the US dollar since April 2022. According to today’s exchange rate moves, the PKR has dropped by 98 paisas in relation to the US dollar.
A significant step occurred on Monday when Caretaker Finance Minister Dr. Shamshad Akhtar expressed optimism about the current negotiations with the International Monetary Fund (IMF) and expressed great confidence for the outcome of Pakistan’s $3 billion stand-by agreement (SBA) first review.
Late last week, the IMF meetings got underway, and both parties shared vital information to expedite the current review. The lender has mostly concentrated on Pakistan’s fiscal plan for 2023–2024 thus far, with a goal of turning Pakistan’s primary deficit into a
Read More: A Missive Change in Dirham Rates This Month November 2023
In order to collect Rs. 6.667 trillion in revenue for the current fiscal year, the IMF has requested a monthly collection plan from the Federal Board of Revenue (FBR).
According to an earlier article by ProPakistani, the lender has also demanded a comprehensive report outlining the financial losses that state-owned businesses (SOEs) suffered in the first quarter of the current fiscal year.
In the interbank market today, the PKR was down against every other major currency. It lost Rs. 2.96 versus the Australian Dollar (AUD), Rs. 4.51 against the Euro (EUR), and 26 paisas against the Saudi Riyal (SAR) and UAE Dirham (AED).
Additionally, in today’s interbank currency market, it lost Rs. 2.32 versus the Canadian Dollar (CAD) and Rs. 7.01 versus the British Pound (GBP).
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