The Pakistani Rupee (PKR) continued its upward against the US Dollar (USD) for the 12th successive session on Thursday as it appreciated by 0.10 percent in the inter-bank market.
According to the State Bank of Pakistan (SBP), the rupee settled at 281.93 after posting an increase of Rs. 0.27.
Interbank closing #ExchangeRate for today https://t.co/eQ99deOfSL#SBPExchangeRate pic.twitter.com/l5N8iEiQNa
— SBP (@StateBank_Pak) December 28, 2023
The PKR has risen by 1.15 percent during the current month while it has strengthened by 1.44 percent against the USD in the current fiscal year. However, it is pertinent to mention here that the rupee has slumped by almost 20 percent (19.69 percent to be precise) since the start of 2023.
In a recent report, Topline Securities said that it expects PKR/USD in the interbank market to reach Rs. 310 by June 2024 and Rs. 325 by December 2024.
External financing gaps, challenging global financial markets, and local political instability have badly affected foreign exchange (FX) reserves and built pressure on PKR.
In 1H2023, before the IMF’s Stand By Agreement (SBA), PKR fell by 21 percent from Rs. 226 to Rs. 286 against the USD, whereas in 2H2023, it gained 1 percent from Rs. 286 to Rs. 282 post-IMF’s SBA.
The PKR also post losses against some of the other major currencies in the interbank market today. It lost Rs. 1.87 against the Euro (EUR), Rs. 0.3817 against the Australian Dollar (AUD), Rs. 2.14 against the British Pound (GBP).
However, the PKR gained Rs. 0.1778 against the Canadian Dollar (CAD), Rs. 0.081 against the UAE Dirham (AED) and Rs. 0.0651 against the Saudi Riyal (SAR).
yet everything is still expensive in Pakistan it’s almost a crisis in Pakistan