Rupee Jumps to 278.1 Against US Dollar After IMF Agreement

The Pakistani rupee (PKR) gained big ground against the US Dollar today after opening trade at 278 in the interbank market. It was bullish all day and closed in green against the greenback third day in a row. 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 278 today. The PKR appreciated by 0.11 percent and closed at 278.1 after gaining 29 paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 0.08 percent. Overall, the rupee is down nearly Rs. 51.33 since January 2023. Since April 2022, it is down Rs. 95.33 against the greenback. As per the exchange rate movements seen during the session, the PKR gained almost 30 paisas today. Pakistan and the International Monetary Fund (IMF) last week reached a staff-level agreement on a comprehensive program endorsed by the federal and provincial governments, that could be supported by a 37-month Extended Fund Arrangement (EFF) in the amount equivalent to about US$7 billion at current exchange rates. This agreement is subject to approval by the IMF’s Executive Board and the timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners. The PKR was green against most of the other major currencies in the interbank market today. It lost eight paisas against the Euro (EUR) and 94 paisas against the British Pound (GBP). Meanwhile, it gained six paisas against the Australian Dollar (AUD), eight paisas against the UAE Dirham (AED), eight paisas against the Saudi Riyal (SAR), and 69 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.