After starting trade at 285 in the interbank market today, the Pakistani rupee increased against the US dollar for the 5th straight day.
Pak Rupee Gains 5th Day in a Row Against U$D
It was in an optimistic mood at 11:30 PM, surging to the 283 mark versus the US dollar after making a gain of about Rs. 1 in early trading.
For the duration of the day, the interbank rate stayed at that level before stabilizing trends at 284.
Today’s open market rates were between 284 and 286 at a number of currency counters.
The PKR increased 44 paisas versus the dollar today, closing at 284.53 with a 0.15 percent gain.
For the 5th consecutive day, the rupee closed higher today.
Previous Appreciation and Depreciation
It has depreciated by 20.42 percent so far this calendar year, and on a fiscal YTD basis, it has appreciated by 0.51 percent.
The rupee has decreased overall since January 2023 by almost Rs. 67.
It has decreased by more than Rs. 114 versus the US dollar since April 2022.
According to today’s exchange rate movements, the PKR has appreciated 44 paisas in relation to the US dollar.
IMF’s $700 Million Tranche
This is in spite of the growing doubts regarding the timing of the IMF’s next tranche release under the $3 billion Standby Arrangement for Pakistan.
The Executive Board of the lender has set meetings for December 14, 2023.
Notwithstanding the lender’s visit to Pakistan in November and the subsequent successful second round of negotiations with Pakistani authorities, Pakistan is not on the agenda.
About $1.8 billion of the $3 billion IMF program will remain unpaid when it expires in early April 2024.
To read our blog on “Pak Rupee sees an increase against USD 4th day in a row,” click here.
