Rupee Falls 16th Day in a Row Against US Dollar, Other Currencies

The Pakistani rupee weakened 15th day in a row against the US Dollar today after opening trade at 288 in the interbank market.

At 11:30 PM, it was bullish, treading the 283 level against the greenback after gaining ~Rs. 5 during early-day trade.

Later, the interbank rate dropped to 285 between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 285-288 range today.

At close, the PKR depreciated by 0.11 percent to close at 287.87 after losing 32 paisas against the dollar today.

The rupee closed in the red for the 16th consecutive day today.

Pertinently, the rupee is down nearly Rs. 71 since January 2023. Since April 2022, it is down over Rs. 118 against the greenback. As per exchange rate movements witnessed today, the PKR has lost over 32 paisas against the dollar.

Today’s losses come as the ongoing discussions between Pakistan and the International Monetary Fund enter the crucial and final phase as both sides expedite deliberations for releasing the second $710 million tranche as early as December.

The latest updates reported by ProPakistani earlier today revealed that policy-level discussions between Pakistan and the International Monetary Fund (IMF) have been well underway since Monday and both sides have so far agreed to maintain the annual tax collection target of Rs. 9,415 billion, besides other revenue-enhancing measures.

The lender has also contacted key bilateral partners affirming support for Pakistan in terms of additional rollovers and external inflows in the coming months. This would potentially allow allies to release billions in pledges and help bridge Pakistan’s extremely delicate financing requirements.

The IMF has expressed confidence in Pakistan’s ability to achieve the specified tax goal and that measures will be taken to address tax evasion in the real estate sector. Sources revealed that the eradication of tax evasion in real estate is deemed crucial for the overall health of the economy, and the FBR is resolute in implementing necessary reforms.

The PKR was red against all of the other major currencies in the interbank market today. It lost eight paisas against the Saudi Riyal (SAR), eight paisas against the UAE Dirham (AED), and 79 paisas against the Euro (EUR).

Moreover, it lost seven paisas against the Australian Dollar (AUD), 18 paisas against the Canadian Dollar (CAD), and Rs. 1.94 against the British Pound (GBP) in today’s interbank currency market.

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