Pak Rupee Posts Big Gains Against US Dollar After IMF News

The Pakistani rupee gained higher ground second day in a row against the US Dollar after opening trade at 278 in the interbank market. It was largely bullish against the greenback today after the International Monetary Fund (IMF) said it will support the formulation of a new medium-term economic program for Pakistan. The interbank rate stayed at 279 most of the day before closing at the same level. Open market rates across multiple currency counters were in the 278-280 range today. The PKR appreciated by 0.09 percent to close at 279.03 after gaining 25 paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.47 percent. Overall, the rupee is down nearly Rs. 52.77 since January 2023. Since April 2022, it is down Rs. 96.87 against the greenback. As per the exchange rate movements seen today, the PKR gained 25 paisas today. The IMF Resident Representative in Pakistan Esther Perez Ruiz told ProPakistani on Friday that its aim is to support the implementation of strong policies to deepen financial stability, address the longstanding economic and underlying balance of payments challenges, and restore sustained and inclusive growth for the benefit of all Pakistani citizens. This includes stronger public finances, through high-quality revenue measures to broaden the tax base while scaling up the support for the most vulnerable, restoring energy sector viability, improving institutional governance and anti-corruption effectiveness, SOE reform, building climate resilience, and creating a level playing field for private businesses to promote investment and job creation. Ruiz added the IMF looks forward to engaging with the new government to complete the second review under the current Stand-by Arrangement and, should the government request, support the formulation of a new medium-term economic program The PKR was green against some of the other major currencies in the interbank market today. It gained seven paisas against the UAE Dirham (AED) and six paisas against the Saudi Riyal (SAR). Meanwhile, it lost 92 paisas against the Canadian Dollar (CAD), 97 paisas against the Euro (EUR), Rs. 1.14 against the Australian Dollar (AUD), and Rs. 2.09 against the British Pound (GBP) in today’s interbank currency market.