Rupee Rises 9th Day in a Row Against US Dollar After IMF News

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The Pakistani rupee appreciated 9th 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, gaining nearly Rs. 1 against the greenback during intraday trade.

The interbank rate remained on the same level before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 283-285 range today.

At close, the PKR appreciated by 0.09 percent to close at 283.87 after gaining 25 paisas against the dollar today.

The rupee closed in the green 9th day in a row today. On a calendar year-to-date basis, it has so far depreciated by 20.23 percent and appreciated by 0.75 percent on a fiscal YTD basis.

Overall, the rupee is down nearly Rs. 66 since January 2023. Since April 2022, it is down over Rs. 113 against the greenback. As per exchange rate movements seen today, the PKR has gained 25 paisas against the dollar.

In a key development, the International Monetary Fund’s Executive Board will meet on January 11 to consider the staff-level agreement on the first review under Pakistan’s Stand-By Arrangement (SBA).

Back in November, IMF staff and the Pakistani authorities reached a staff-level agreement on the first review under Pakistan’s Stand-By Arrangement (SBA). Upon approval, Pakistan will have access to SDR 528 million (around $700 million), bringing total disbursements under the program to almost $1.9 billion.

On Thursday, SBP data revealed its reserves decreased by $237 million in one week due to debt repayments.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $12.107 billion, down $286 million over the previous week. The net reserves held by banks stood at $5.087 billion, registering a decrease of $49 million during the week.

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