The Pakistani rupee fell 11th day in a row against the US Dollar today after opening trade at 282 in the interbank market.
At 11:30 PM, it was bullish, treading the 278 level against the greenback.
Later, the interbank rate dropped below the 285 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 282-286 range today.
At close, the PKR depreciated by 0.34 percent to close at 285.29 after losing 98 paisas against the dollar today.
The rupee closed in the red for the 11th consecutive day today.
Pertinently, the rupee is down nearly Rs. 68 since January 2023. Since April 2022, it is down over Rs. 115 against the greenback. As per exchange rate movements witnessed today, the PKR has lost 98 paisas against the dollar.
In a key development, Caretaker Finance Minister Dr Shamshad Akhtar on Monday said she was optimistic about the ongoing negotiations with the International Monetary Fund (IMF), conveying strong hope for the success of the first review of Pakistan’s $3 billion stand-by arrangement (SBA).
The talks with the IMF commenced late last week with both sides sharing critical data for fast-tracking the ongoing review. So far, the lender has focused mainly on Pakistan’s fiscal framework for 2023-24, with an emphasis on converting Pakistan’s primary deficit into a surplus.
The IMF has sought a monthly collection plan from the Federal Board of Revenue (FBR) for Rs. 6.667 trillion in revenue during the current fiscal year.
ProPakistani reported earlier today that the lender has also insisted on a detailed report on the financial losses incurred by state-owned enterprises (SOEs) during the first quarter of the ongoing financial year.
The PKR was red against all of the other major currencies in the interbank market today. It lost 26 paisas against the Saudi Riyal (SAR), 26 paisas against the UAE Dirham (AED), Rs. 2.96 against the Australian Dollar (AUD), and Rs. 4.51 against the Euro (EUR).
Moreover, it lost Rs. 2.32 against the Canadian Dollar (CAD) and Rs. 7.01 against the British Pound (GBP) in today’s interbank currency market.
Source: Pro Pakistani