The Pakistani rupee (PKR) failed to take advantage of last week’s drama and posted losses against the US Dollar today.
The Pakistani rupee was largely green throughout intraday trade today with the interbank rate gaining ~Rs. 4 to reach 281.50 by 11 AM. By 1:25 PM, it halted recovery and dropped to 284-285 and stayed at this level.
At close, the PKR depreciated by 0.11 percent to close at 284.71 after losing 30 paisas during intraday trade today.
The rupee reported losses and halted its 3-day winning streak today despite reassuring comments from the International Monetary Fund (IMF) on Saturday, where it said it is looking forward to obtaining the necessary financing assurances as soon as possible to pave the way for successful completion of Pakistan’s 9th EFF review.
Recently, Finance Minister Ishaq Dar claimed that UAE has given assurance to the IMF for a $1 billion loan to Islamabad, similarly, State Minister for Finance and Revenue Ayesha Pasha informed the Parliamentary committee last week that Saudi Arabia has already given assurance for a $2 billion loan.
The rupee is down nearly Rs. 55 since January 2023. Since April 2022, it is down over Rs. 101 against the greenback. As per exchange rate movements witnessed today, the PKR has observed losses of over 30 paisas against the dollar.
The PKR was bearish against some of the other major currencies in the interbank market today. It lost eight paisas against the Saudi Riyal (SAR), and eight paisas against the UAE Dirham (AED).
Conversely, it gained 21 paisas against the Canadian Dollar (CAD), Rs. 1.58 against the Australian Dollar (AUD), Rs. 1.66 paisas against the Euro (EUR), and Rs. 2.77 against the Pound Sterling (GBP) in today’s interbank currency market.