Rupee Continues to Recover Against US Dollar Despite Exclusion from IMF Agenda

The Pakistani rupee (PKR) was stable against the US Dollar today after opening trade at 278 in the interbank market. It was stable all day and closed in green against the greenback. Meanwhile, it posted losses against most of the other major currencies during today’s session. The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at the 278 level today. The PKR appreciated by 0.03 percent to close at 278.44 after gaining 10 paisas against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 0.05 percent. Overall, the rupee is down nearly Rs. 51.54 since January 2023. Since April 2022, it is down Rs. 95.54 against the greenback. As per the exchange rate movements seen during the session, the PKR gained 10 paisas today. The International Monetary Fund Executive Board has excluded Pakistan from its agendas for August 2024. A trader said uncertainties on when the lender would approve the new bailout for disbursal isn’t impacting the currency market at all. The PKR was red against most of the other major currencies in the interbank market today. It lost 72 paisas against the Canadian Dollar (CAD), Rs. 1.46 against the Australian Dollar (AUD), Rs. 1.49 against the Euro (EUR), and Rs. 2.29 against the British Pound (GBP). Meanwhile, it gained two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR) in today’s interbank currency market.