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Pakistani rupee rallies following IMF agreement and easing import pressures

EditorRachael Rajan
Published 11/17/2023, 12:49 PM
PAK/USD
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ISLAMABAD - The Pakistani rupee experienced a notable improvement in the inter-bank market, appreciating to close at 286.50 against the dollar, marking an uptick from its previous position. This gain was observed after the currency ended its weeks-long losing streak the day before. The positive shift comes on the heels of a staff-level agreement with the International Monetary Fund (IMF), which has helped mitigate recent pressures stemming from import payments.

In open market transactions, the buying rates were recorded at 285.50 while selling rates stood at 288.50 for customers. This adherence to IMF structural benchmarks is significant as it mandates that the disparity between inter-bank and open market exchange rates remains below 1.25%. The central bank's data reflects this improvement, signaling a potential easing of economic strain.

Later in the day, despite initial pressure from a surge in dollar buying for imports, Pakistan's rupee managed to reverse its downtrend in open market exchanges against major currencies. The US dollar concluded trading at rates of 287.1/290.15 (buy/sell). Meanwhile, the Euro posted a slight increase to 306/308 (buy/sell), and the UK Pound remained stable with rates of 353/356.4 (buy/sell). Additionally, both the UAE Dirham and Saudi Riyal experienced a small drop in their rates, closing at 79.4 and 76.1 respectively.

The rupee's performance today indicates a responsive adjustment to external financial assistance and internal monetary policies aimed at stabilizing the currency amidst Pakistan's broader economic challenges.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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