The Pakistani rupee started trading at 278 on the interbank market on Monday, reversing losses against the US dollar.
The interbank rate remained at 278 for most of the day before closing at the same level. Today’s open market rates were between 278 and 279 at several currency counters.
The rupee gained 29 paisas against the dollar today. On the other hand, PKR gained 0.1 percent to settle at 278.79. According to our research, this is the first time in the last five months that the local unit has closed at the present value against the US dollar.
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As of now, the rupee has gained 2.55% compared to the previous fiscal year.
The rupee has decreased by over Rs. 52.52 overall since January 2023. Compared to the US dollar, it has decreased by Rs. 96.52 since April 2022. According to today’s changes in currency rates, the PKR increased by around 30 paisas.
The statement was made immediately after the Ministry of Finance assured that Pakistan would receive the third and last installment of the Stand-By Arrangement (SBA) from the International Monetary Fund.
The final tranche of $1.1 billion will be paid out if the staff-level agreement is reached and the IMF Executive Board has given its approval, the ministry said in a statement earlier today.
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Traders anticipate that the currency market will continue to rise on its present bullish trends, gaining at least 275 points till the rescue is disbursed.
In today’s interbank market, the PKR was up against every other major currency. In relation to the UAE Dirham (AED), Saudi Riyal (SAR), Euro (EUR), and British Pound (GBP), it lost seven paisas, seven paisas, and seven paisas, respectively.
Today’s interbank currency market gained 32 paisas versus the Australian dollar (AUD) and 32 paisas against the Canadian dollar (CAD).
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