The Pakistani rupee ended the week with losses against the US Dollar today after opening trade at 279 in the interbank market.
It was stable mostly against the greenback but failed to post any gains against the $ during intraday trade today.
The interbank rate stayed at 280 most of the day before closing at the 279 level. Open market rates across multiple currency counters were in the 279-280 range today.
The PKR depreciated by 0.01 percent and lost three paisas to close at 279.36 against the dollar today.
On a fiscal year-to-date basis, the rupee has so far appreciated by 2.36 percent.
Overall, the rupee is down nearly Rs. 60 since January 2023. Since April 2022, it is down over Rs. 107 against the greenback. As per the exchange rate movements seen today, the PKR lost three paisas today.
In a key development, the International Monetary Fund (IMF) has refused to comment on Pakistan Tehreek-e-Insaf’s (PTI) founder Imran Khan writing a letter to it asking for an audit of the recently held General Elections.
“I’m not going to comment on ongoing political developments. So, I don’t have anything else to add to what I just said,” Julie Kozack, Director of Communications at the IMF said during a press briefing on Thursday in response to a query regarding the incarcerated ex-PM.
On whether Pakistan was in line with all the requirements of Stand-By Arrangement for its third trench of $1.1 billion which is due next, Kozack said the IMF Executive Board approved the first review of the SBA, with Pakistan that brought total disbursements under the Stand-By Arrangement to $1.9 billion. “The Stand-By Arrangement is supporting the authority’s efforts to stabilize the economy and to, of course, with a strong focus on protecting the most vulnerable,” she said.
The PKR was green against most of the other major currencies in the interbank market today. It gained 42 paisas against the Canadian Dollar (CAD), 43 paisas against the British Pound (GBP), 50 paisas against the Australian Dollar (AUD), and 81 paisas against the Euro (EUR) in today’s interbank currency market.
Meanwhile, it lost one paisa against both the Saudi Riyal (SAR) and the UAE Dirham (AED).