Rupee Gains More Ground 5th Day In a Row Against US Dollar

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The Pakistani rupee rose 5th day in a row against the US Dollar today after opening trade at 285 in the interbank market.

At 11:30 PM, it was bullish, jumping to the 283 level against the greenback after gaining ~Rs. 1 during early-day trade.

The interbank rate remained on the same level before anchoring trends at 284 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 0.15 percent to close at 284.53 after gaining 44 paisas against the dollar today.

The rupee closed in the green 5th day in a row today. On a calendar year-to-date basis, it has so far depreciated by 20.42 percent and appreciated by 0.51 percent on a fiscal YTD basis.

Overall, the rupee is down nearly Rs. 67 since January 2023. Since April 2022, it is down over Rs. 114 against the greenback. As per exchange rate movements witnessed today, the PKR has gained 44 paisas against the dollar.

This comes despite rising uncertainty over when the International Monetary Fund would release its next tranche under the $3 billion Standby Arrangement for Pakistan.

The lender’s Executive Board has issued meetings scheduled till 14th December 2023, but Pakistan is not on the agenda despite November’s successful second round of negotiations with Pakistani authorities following the lender’s visit to the country.

The current IMF program of $3 billion is scheduled to end in early April 2024, with around $1.8 billion remaining undisbursed.

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