Today, the Pakistani rupee opened trading at 287 in the interbank market, marking its 17th consecutive day of decline versus the US dollar. It was up for the day at 11:30 PM, moving to the 283 mark vs. the US dollar, gaining about Rs. 4 in the morning trade.
Subsequently, between 1:30 and 2:30 PM, the interbank rate fell to 287 before stabilizing patterns for the rest of the day. Today’s open market rates were between 286 and 289 at several currency counters. Today, the PKR lost 27 paisas versus the dollar, and at close, it had depreciated by 0.09 percent to close at 288.14.
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Today, we marked the seventeenth day in a row that the rupee closed lower.
The PKR lost 2.31 percent of its value vs. the US dollar in November, and it has lost almost 21.5 percent of its value this year. The rupee has declined significantly since January 2023, losing around Rs. 72. It has decreased by more than Rs. 119 versus the US dollar since April 2022. Based on today’s exchange rate moves, the PKR has dropped more than 25 paisas in value relative to the US dollar.
Today’s losses occur while discussions between Pakistan and the International Monetary Fund are accelerated to provide the second $710 million tranche as early as December.
Pakistan is on the verge of finalizing an agreement this week, according to IMF Managing Director Kristalina Georgieva. In an interview with Bloomberg TV, she stated that a compromise is almost reached and that Pakistan’s officials are continuing the program despite extreme difficulties. I agree that the review will be completed this week. Very soon,” she remarked.
“It is commendable that Pakistani authorities and the Caretaker Finance Minister have maintained their program during a very trying period,” she continued. Today’s interbank market, the PKR, was down against every other major currency. It lost Rs. 4.94 versus the Euro (EUR), seven paisas against the Saudi Riyal (SAR), and seven paisas against the UAE Dirham (AED). Additionally, in today’s interbank currency market, it lost Rs. 2.13 versus the Canadian Dollar (CAD), Rs. 4.09 versus the Australian Dollar (AUD), and Rs. 5.21 versus the British Pound (GBP).
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