The Pakistani Rupee (PKR) faced a challenging day in the interbank market, marking its 11th consecutive day of depreciation against the US Dollar. It opened at 282 PKR to the Dollar and, by 11:30 PM, managed to strengthen slightly to 278 PKR. However, it later dipped below 285 PKR between 1:30 PM and 2:30 PM. By the end of the day, it closed at 285.29 PKR, having lost 98 paisas (cents) against the US Dollar, marking a 0.34% decrease.
The PKR has been on a downward trend, losing nearly Rs. 68 since January 2023 and over Rs. 115 since April 2022. These fluctuations are a cause for concern, as they impact the cost of imports and inflation in Pakistan.
Caretaker Finance Minister Dr. Shamshad Akhtar expressed optimism about ongoing negotiations with the International Monetary Fund (IMF) regarding Pakistan’s $3 billion stand-by arrangement (SBA). The IMF is particularly interested in Pakistan’s fiscal framework and aims to convert the primary deficit into a surplus. They have also requested a detailed report on financial losses incurred by state-owned enterprises (SOEs).
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The PKR’s losses were not limited to the US Dollar; it also depreciated against other major currencies. Notably, it lost value against the Saudi Riyal, UAE Dirham, Australian Dollar, Euro, Canadian Dollar, and British Pound in today’s interbank market. These fluctuations are indicative of economic challenges facing Pakistan and the importance of successful negotiations with the IMF to stabilize the currency and address fiscal issues.