Rupee Rises Slightly Against US Dollar After Much Awaited IMF News

The Pakistani rupee closed in green against the US Dollar today after opening trade at 278 in the interbank market. It recovered marginally against the greenback and most of the other major currencies today. 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 in the 278 level today. The PKR appreciated by 0.03 percent to close at 278.31 after gaining eight paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.71 percent. Overall, the rupee is down nearly Rs. 51.24 since January 2023. Since April 2022, it is down Rs. 95.24 against the greenback. As per the exchange rate movements seen today, the PKR gained eight paisas today. In a key development, the International Monetary Fund (IMF) Executive Board completed the second review under the Stand-By Arrangement (SBA) for Pakistan on Monday, allowing for an immediate disbursement of around $1.1 billion, bringing total disbursements under the arrangement to about $3 billion. The inflow of funds will push the reserves held by the State Bank of Pakistan (SBP) close to the $9 billion mark. As of April 19, the foreign currency reserves held by the SBP were recorded at $7.981 billion. The PKR was green against most of the other major currencies in the interbank market today. It gained two paisas against the UAE Dirham (AED), two paisas against the Saudi Riyal (SAR), 42 paisas against the Euro (EUR), 59 paisas against the Canadian Dollar (CAD), and 97 paisas against the Australian Dollar (AUD). Meanwhile, it lost 20 paisas against the British Pound (GBP) in today’s interbank currency market.