The Pakistani rupee appreciated against the US Dollar after opening trade at 282 in the interbank market.
It was stable against the greenback today.
The interbank rate stayed at 281 most of the day before closing at the 279 level. Open market rates across multiple currency counters were in the 279-282 range today.
The PKR appreciated by 0.06 percent and lost 16 paisas to close at 279.12 against the dollar today.
On a fiscal year-to-date basis, the rupee has so far appreciated by 2.45 percent.
Overall, the rupee is down nearly Rs. 52.64 since January 2023. Since April 2022, it is down Rs. 96.3 against the greenback. As per the exchange rate movements seen today, the PKR gained 16 paisas today.
This comes after news that China earlier agreed to extend the maturity of a $2 billion loan to Pakistan on existing terms.
An agreement has been made to delay payment of the $2 billion loan maturing on March 23, 2024. China has unofficially conveyed its decision to further extend the amortization, and the Ministry of Finance is awaiting a formal answer before sending out a circular.
It bears mentioning that China had initially requested a higher interest rate on the sum, compared to the existing 7.1 percent interest based on the 6M Secured Overnight Finance Rate (SOFR) plus 1.715 percent.
The PKR was green against most of the other major currencies in the interbank market today. It gained four paisas against the UAE Dirham (AED), four paisas against the Saudi Riyal (SAR), Rs. 1.1 against the British Pound (GBP), Rs. 1.06 against the Euro (EUR), and 97 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.
It gained Rs. 1.31 against the Australian Dollar (AUD).
There are talk about borrowing of fresh loans/roll over of existing loans. Nothing has been said about paying of existing loans. Loan is not permanent solution. It should be taken as medicine only.
One must agree that presently there is remote possiblity of reduction of debt but we must be shown light at the end of the tunnel. Borrowing must be done keeping in mind it’s repayment, otherwise it will be the case of IPP’S when without considering the consequences of IPP were inducted to bring light in the country to mitigate darkness. After so many years of induction of IPP’S we are blaming everything from circular debt of power theft to high cost of tariff and inflation IPP agreement are blamed.
Learn lesson from history.
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