As the Pakistani rupee falls against the US dollar for the ninth consecutive day, it is experiencing a difficult time. It began the interbank market at 282, but by 11:30 PM, it had depreciated to 282 per dollar.
Aside from a momentary surge to 283 between 1:30 and 2:30 p.m., the price remained within the range of 281-284 for the remainder of the day. The rupee depreciated by 0.27 percent against the dollar on the final trading day, falling 78 paisas to close at 283.43.
Since September 4, the difference between interbank and open market rates has decreased by Rs. 53. There was a time when the rates dropped to a minimum of 284. Upon closer examination, it becomes apparent that the rupee has experienced a decrease of approximately Rs. 66 since January 2023.
The rupee’s value against the US dollar has decreased by more than Rs. 113 since April 2022. The PKR experienced a depreciation of 78 paisas against the dollar on the relevant day.
Day |
Open Market (PKR to USD) |
Interbank (PKR to USD) |
Difference |
|---|---|---|---|
| 9th Day | 281-284 | 282-283 | 1 PKR less in Interbank |
A momentous occurrence transpired when the review mission of the International Monetary Fund (IMF), under the leadership of Nathan Porter, arrived at the Ministry of Finance in Pakistan. The purpose of the mission was to commence dialogues regarding the initial evaluation of the $3 billion stand-by arrangement (SBA).
The commencement of the much-anticipated economic review discussions between the IMF and Pakistan is signified by this occasion. Pakistan is petitioning the international organization for financial assistance and direction.
There is optimism that Pakistan’s effective completion of this assessment and subsequent release of the $700 million tranche from the IMF will inspire confidence in the market.
A trader remarked that this could potentially cause the PKR to rise to the 250-260 level in an optimal circumstance.