Rupee Rises 2nd Day in a Row Against US Dollar

The Pakistani rupee rose second day in a row against the US Dollar today after opening trade at 283 in the interbank market.

At 11:30 PM, it was bullish, jumping to the 282 level against the greenback after gaining ~Rs. 2 during early-day trade.

Later, the interbank rate dropped back 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 284-286 range today.

At close, the PKR appreciated by 0.05 percent to close at 285.39 after gaining 13 paisas against the dollar today.

The rupee closed in the green for 2nd day in a row today.

Overall, the rupee is down nearly Rs. 69 since January 2023. Since April 2022, it is down over Rs. 116 against the greenback. As per exchange rate movements witnessed today, the PKR has gained 13 paisas against the dollar.

In a key development, the International Monetary Fund (IMF) is in the early stages of formulating a policy document for a potential new bailout program for Pakistan, sources told ProPakistani.

The technical team is reevaluating the 2019 policy document in light of the current economic situation in Pakistan. The lender’s aim is to devise a new set of measures that align with Pakistan’s present-day needs and challenges.

Sources from the Ministry of Finance emphasized that the discussions are geared towards generating a comprehensive report outlining crucial reforms. Given the substantial changes in Pakistan’s economic landscape since 2019, the objective is to provide a roadmap for economic development in the context of the current scenario, sources added.

The PKR was red against most of the other major currencies in the interbank market today. It gained three paisas against the Saudi Riyal (SAR) and three paisas against the UAE Dirham (AED).

Conversely, it lost 31 paisas against the Canadian Dollar (CAD), 37 paisas against the Australian Dollar (AUD), Rs. 1.1 against the Euro (EUR), and Rs. 1.95 against the British Pound (GBP) in today’s interbank currency market.

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