Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Pakistani rupee rallies following IMF agreement and easing import pressures

EditorRachael Rajan
Published 11/17/2023, 12:49 PM

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.