The Pakistani rupee declined 4th day in a row against the US Dollar after opening trade at 281 in the interbank market.
It was bearish against the greenback 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 279-281 range today.
The PKR depreciated by 0.014 percent to close at 279.35 after losing four paisas 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. 52.99 since January 2023. Since April 2022, it is down Rs. 97.19 against the greenback. As per the exchange rate movements seen today, the PKR lost four paisas today.
Losses come amid developments that the new government is expected to commence negotiations with the International Monetary Fund (IMF) next week over the third and final loan tranche of $1.1 billion under the $3 billion Stand-By Arrangement (SBA), and to initiate discussions for potentially expanding its 3-year Extended Fund Facility from $6 billion to $8 billion by incorporating climate finance.
It bears mentioning that Pakistan received $705 million from the IMF in January 2024.
The PKR was red against all of the other major currencies in the interbank market today. It lost one paisa against the UAE Dirham (AED), one paisa against the Saudi Riyal (SAR), and 10 paisas against the British Pound (GBP).
Meanwhile, it gained one paisa against the Euro (EUR), 58 paisas against the Canadian Dollar (CAD), and Rs. 1.07 against the Australian Dollar (AUD), in today’s interbank currency market.
