Pak Rupee Stable Against US Dollar But Gains Big Against British Pound

The Pakistani rupee was stable against the US Dollar today after opening trade at 280 in the interbank market. It was largely unchanged against the greenback, staying in the 279-280 range against the $ during intraday trade today. The interbank rate stayed at 279 most of the day before closing at the same level. Open market rates across multiple currency counters were in the 279-280 range today. At close, the PKR was stable and closed at 279.31 against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.37 percent. Overall, the rupee is down nearly Rs. 60 since January 2023. Since April 2022, it is down over Rs. 107 against the greenback. As per the exchange rate movements seen today, the PKR reported no change. In a key development, ProPakistani reported earlier that the Ministry of Finance is in talks with the International Monetary Fund (IMF) regarding obtaining a new three-year loan under its Extended Fund Facility Program. There is a possibility of signing a big $8-10 billion program with the IMF once the current one concludes on March 31st, 2024. The PKR was green against most of the other major currencies in the interbank market today. It was stable against the Saudi Riyal (SAR) and the UAE Dirham (AED), gained Rs. 1.32 against the Australian Dollar (AUD), and Rs. 1.96 against the Euro (EUR). It gained Rs. 1.6 against the Canadian Dollar (CAD) and Rs. 2.9 against the British Pound (GBP) in today’s interbank currency market.