The Pakistani rupee gained bigger ground 8th day in a row against the US Dollar today after opening trade at 278-279 in the interbank market.
At 11:30 PM, it was stable, rising as high as 278 after gaining ~Rs. 3 against the greenback during intraday trade.
The interbank rate later dropped back to 281 before rising to the 280 level for the remainder of the day. Open market rates across multiple currency counters were stable in the 279-282 range today.
At close, the PKR appreciated by 0.27 percent to close at 280.35 after gaining 75 paisas against the dollar today.
The rupee closed in the green 8th day in a row today. On a fiscal year-to-date basis, it has so far appreciated by 2.01 percent.
Overall, the rupee is down nearly Rs. 61 since January 2023. Since April 2022, it is down over Rs. 108 against the greenback. As per exchange rate movements seen today, the PKR has gained 75 paisas against the dollar.
In a key development, the Executive Board of the International Monetary Fund (IMF) on Thursday completed the first review under Pakistan’s Stand-By Arrangement (SBA) and allowed for an immediate disbursement of around $700 million to Pakistan.
The Executive Board of the International Monetary Fund (IMF) completed the 1st review and allows for an immediate disbursement of SDR 528 million (around US$ 700 million) bringing the total disbursements under the SBA to US$ 1.9 billion.
— Ministry of Finance, Government of Pakistan (@Financegovpk) January 11, 2024
The PKR was green against all of the other major currencies in the interbank market today. It gained 33 paisas against the Canadian Dollar (CAD), 58 paisas against the British Pound (GBP), 71 paisas against the Australian Dollar (AUD), and 78 paisas against the Euro (EUR).
Moreover, it gained 20 paisas against the UAE Dirham (AED) and 20 paisas the Saudi Riyal (SAR) in today’s interbank currency market.
Immature market never realises that it was loan which should pay back with interest and our business model is so outdated that workers always paid 200 to 400 times less than the export results in further destruction.