Rupee Surges 5th Day in a Row Against US Dollar As IMF Momentum Persists

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The Pakistani rupee rose higher 5th day in a row against the US Dollar today after opening trade at 289 in the interbank market.

At 11:30 PM, it was bullish, jumping to the 284 level against the greenback after gaining Rs. 5 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 284-287 range today.

At close, the PKR appreciated by 0.23 percent to close at 285.13 after gaining 66 paisas against the dollar today.

The rupee closed in the green for the fifth consecutive day today.

Overall, the rupee is down nearly Rs. 68 since January 2023. Since April 2022, it is down over Rs. 115 against the greenback. As per exchange rate movements witnessed today, the PKR has gained over 65 paisas against the dollar.

In a key development, Federal Minister for Finance Dr. Shamshad Akhtar Tuesday said the successful review of the IMF staff-level agreement was a significant achievement. She emphasized the government’s commitment to macroeconomic adjustment and welcomed ongoing support from development partners.

The minister reported positive signs of economic recovery, expecting GDP growth between 2 to 2.5 percent in fiscal year 2024, up from 0.5 percent in fiscal year 2023. She stated that the government is actively pursuing reforms in fiscal consolidation, monetary policy, currency market sustainability, energy, business environment, and social safety nets.

Globally, oil prices dipped (16:00 PKT) amid mixed signals from oil producers as analysts assess the situation in Palestine. Brent crude was down by o.65 percent or $0.54 to $81.91 per barrel while WTI crude fell by $0.57 or 0.73 percent to $77.2 per barrel.

The PKR was green against all of the other major currencies in the interbank market today. It gained 17 paisas against the Saudi Riyal (SAR), 17 paisas against the UAE Dirham (AED), and 27 paisas against the Canadian Dollar (CAD).

Moreover, it gained 84 paisas against the British Pound (GBP), Rs. 1.49 against the Australian Dollar (AUD), and Rs. 1.95 against the Euro (EUR) in today’s interbank currency market.

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