Rupee Posts Gains Against US Dollar After IMF Announcement

The Pakistani rupee reversed yesterday’s losses against the US Dollar after opening trade at 278 in the interbank market. But it was largely stable against the greenback today during most of the session. The interbank rate stayed at 278 most of the day before closing at the 278 level. Open market rates across multiple currency counters were in the 278-279 range today. The PKR appreciated by 0.08 percent to close at 278.40 after gaining 23 paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.67 percent. Overall, the rupee is down nearly Rs. 52.15 since January 2023. Since April 2022, it is down Rs. 96.15 against the greenback. As per the exchange rate movements seen today, the PKR gained 23 paisas today. In a key development, the International Monetary Fund (IMF) staff and the Pakistani authorities have reached a staff-level agreement on the second and final review under Pakistan’s Stand-By Arrangement, subject to the approval of the IMF’s Executive Board. Upon approval, Pakistan will have access to SDR 828 million (around US$1.1 billion). This agreement is subject to approval by the IMF’s Executive Board, upon which the remaining access under the SBA, US$1.1 billion (SDR 828 million), will become available. The PKR was green against some of the other major currencies in the interbank market today. It gained six paisas against the UAE Dirham (AED), six paisas against the Saudi Riyal (SAR), and 53 paisas against the Canadian Dollar (CAD), Meanwhile, it was stable against the Euro (EUR), one paisa against the British Pound (GBP), and 18 paisas against the Australian Dollar (AUD) in today’s interbank currency market.