The Pakistani rupee fell for the 15th consecutive day against the US dollar today, opening at Rs. 287 in the interbank market.
Pak Rupee Declines 15th Day In A Row
At 11:30 PM, it was bullish, trading at Rs. 282 against the US dollar after gaining Rs. 5 earlier in the day.
Later, between 1:30 and 2:30 PM, the interbank rate fell to Rs. 286 before anchoring trends for the rest of the day.
Today’s open market rates across multiple currency counters were in the Rs. 286-288 range.
The PKR fell 0.18 percent to Rs. 287.55 at the close, after losing 52 paisas against the dollar today.
Today was the rupee’s 15th consecutive day in the red.
In addition, the rupee has fallen nearly Rs. 71 since January 2023. It has lost more than Rs. 118 against the US dollar since April 2022.
Pakistan and IMF Talks
Today’s losses come as markets assess the status of talks between Pakistan and the International Monetary Fund on the country’s $3 billion Standby Arrangement.
According to the most recent updates, both sides will hold policy-level discussions this week focused on ways to increase revenue, cut spending, and encourage dollar inflows.
The discussions will cover important economic issues like rebasing, adjustments, and a circular debt reduction plan for both the power and petroleum sectors.
According to sources, the Ministry of Finance has confirmed that policy-level talks with the lender will begin today.
They also stated that Finance Minister Dr. Shamsmad Akhtar will personally oversee the negotiations.
PKR Today Exchange Rates
Today, the PKR was trading in the red against all of the major currencies in the interbank market.
It lost 14 paisas to the Saudi Riyal (SAR), 14 paisas to the UAE Dirham (AED), and Rs. 1.15 to the Euro (EUR).
Furthermore, in today’s interbank currency market, it lost 37 paisas against the Canadian Dollar (CAD), 87 paisas against the Australian Dollar (AUD), and Rs. 1.48 against the British Pound (GBP).
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