Here is bad news for Pakistani currency. After starting trade at 279 in the interbank market today, the Pakistani rupee ended the week with losses against the US dollar.
Although it did not show any gains against the US dollar throughout today’s intraday trading, it was largely constant versus the US dollar.
Before closing at 279, the interbank rate stayed around 280 for the majority of the day. Today’s open market rates were between $279 and $280 at several currency counters.
Today, the PKR closed at 279.36 against the dollar, down three paisas or 0.01 percent. To date in the current fiscal year, the rupee has gained 2.36 percent.
The rupee has decreased overall since January 2023 by around Rs. 60. It has decreased by more than Rs. 107 against the US dollar since April 2022.
The PKR lost three paisas today based on the changes in exchange rates that were observed today.
In a significant move, Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan wrote the International Monetary Fund (IMF) requesting an audit of the recently concluded General Elections. The IMF declined to comment on the letter.
“I won’t be making any remarks on current political events. In answer to a question on the imprisoned former Prime Minister, Julie Kozack, Director of Communications at the IMF, stated during a press briefing on Thursday, “So, I don’t have anything else to add to what I just said.”
Regarding Pakistan’s compliance with the Stand-By Arrangement requirements for its upcoming third trench payment of $1.1 billion, Kozack stated that the IMF Executive Board had approved the SBA’s first review, which included Pakistan and increased the total amount disbursed under the Stand-By Arrangement to $1.9 billion.
“The Stand-By Arrangement is bolstering the authority’s endeavors to stabilize the economy, naturally with a primary emphasis on safeguarding the most susceptible individuals,” the spokesperson stated.
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Against the majority of the other major currencies in the interbank market today, the PKR was higher. In the current interbank currency market, it won 42 paisas against the Canadian dollar (CAD), 43 paisas against the British pound (GBP), 50 paisas against the Australian dollar (AUD), and 81 paisas against the euro (EUR).
In the meantime, it was down one paisa compared to the UAE Dirham (AED) and the Saudi Riyal (SAR).
