Rupee Up 4th Day in a Row Against US Dollar After IMF News

The Pakistani rupee (PKR) rose 4th day in a row against the US Dollar (USD) 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 0.10 percent to close at 278.1 after gaining 27 paisas against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.07 percent. In a key development, the International Monetary Fund (IMF) confirmed on Thursday that its Executive Board will meet on September 25 to discuss the $7 billion Extended Fund Facility (EFF) to Pakistan. On Thursday, State Bank of Pakistan (SBP) Governor Jameel Ahmad said that Pakistan had arranged the $2 billion external financing required for the IMF program, paving the way for IMF board approval during the current month. The PKR was red against most of the other major currencies in the interbank market today. It gained seven paisas against the UAE Dirham (AED), seven paisas against the Saudi Riyal (SAR), and 16 paisas against the Canadian Dollar (CAD). Meanwhile, it lost Rs. 1.21 against the Australian Dollar (AUD), Rs. 2.05 against the Euro (EUR), and Rs. 2.83 against the British Pound (GBP) in today’s interbank currency market.