The Pakistani Rupee (PKR) halted losses against the US Dollar (USD) in the interbank market today. The local currency took a breather against the greenback despite hitting an intra-day low of Rs. 182.20 against the USD during today’s open market session.
It held its own against the USD and closed at Rs. 181.73 today after losing 67 paisas in the interbank market on Tuesday, 22 March.
The rupee paused movements against the dollar today after the Ministry of Finance clarified that negotiations under the International Monetary Fund’s (IMF) seventh review are continuing as planned. The ministry’s statement came after various sections of the media recently began speculating about the ongoing seventh review under the global lender’s Extended Fund Facility (EFF).
The Minister of Finance, Shaukat Tarin, had mentioned a few days ago that a staff-level agreement with the IMF was imminent this week. He had stated that the lender had requested details for the financing of the Prime Minister’s Relief Package, which included freezing the prices of diesel, petrol, and electricity until June 2022.
“There are no issues. We have given them details as to where the funds would come from,” he said.
In terms of factors impacting economic growth worldwide, oil prices declined during the early hours of Thursday (today) after merchants contemplated new supply vendors, with Iran being one of the possible streams for revamping crude inventory.
At the time of press, Brent crude was up 27 cents, or 0.22 percent, at $121.9 a barrel, while the US West Texas Intermediate (WTI) futures edged $115 a barrel after shedding over $2 during early trade.
The PKR struggled against most of the other major currencies and reported losses in the interbank currency market today. It lost 32 paisas against the Canadian Dollar (CAD), 38 paisas against the Pound Sterling (GBP), and Rs. 1.31 against the Australian Dollar (AUD).
Conversely, it gained 30 paisas against the Euro (EUR) and held out against both the Saudi Riyal (SAR) and the UAE Dirham (AED) in today’s interbank currency market.
