Rupee Recovers Against US Dollar After IMF News

The Pakistani rupee (PKR) closed in green against the US Dollar (USD) today after opening trade at 279 in the interbank market. On a day-on-day (DoD) basis, the interbank rate stayed at 279-281/$ most of the day before closing at the 279 level. Open market rates across multiple currency counters remained at the 279-282 level today. It was stable all day and closed in green against the greenback. Meanwhile, it posted losses against some of the other major currencies during today’s session. The PKR appreciated by 0.02 percent DoD after gaining five paisas and closed at 279.16 against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.31 percent. Negotiations between the International Monetary Fund (IMF) and Pakistan for the next tranche of the $7 billion bailout package are expected to begin on March 3, with the lender’s review mission likely to stay in the country until March 14. The mission under Nathan Porter’s supervision will assess Pakistan’s economic performance from July to December 2024 to determine the release of the next $1 billion tranche. The PKR was green against most of the other major currencies in the interbank market today. It gained one paisa against the UAE Dirham (AED) and one paisa against the Saudi Riyal (SAR). Meanwhile, it lost eight paisas against the Canadian Dollar (CAD). It gained 30 paisas against the Euro (EUR) and Rs. 1.91 against the British Pound (GBP). The rupee lost 16 paisas against the Australian Dollar (AUD) in today’s interbank currency market.