Rupee Stable Against US Dollar Amid IMF Talks

The Pakistani rupee gained slightly against the US Dollar after opening trade at 279 in the interbank market. It was largely stable against the greenback 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 in the 278-279 range today. The PKR appreciated by 0.005 percent to close at 278.77 after gaining one paisa against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.55 percent. Overall, the rupee is down nearly Rs. 52.51 since January 2023. Since April 2022, it is down Rs. 96.51 against the greenback. As per the exchange rate movements seen today, the PKR gained nearly two paisas today. Traders expect the currency market to end the week with small gains against the US Dollar as talks with the IMF continue with full fervor and positive sentiments. “Investors and money makers are eyeing the IMF news very closely. FIPI will get better in case of staff-level agreement next week. Tomorrow’s expectation is largely stable while some see gains to end the week,” a trader told ProPakistani. The PKR was red against most of the other major currencies in the interbank market today. It was stable against the UAE Dirham (AED) and the Saudi Riyal (SAR). Meanwhile, it lost 10 paisas against the Australian Dollar (AUD), 15 paisas against the Euro (EUR), 28 paisas against the Canadian Dollar (CAD), and 30 paisas against the British Pound (GBP) in today’s interbank currency market.