Today, the Pakistani rupee strengthened against the US dollar for the eighth consecutive day, beginning trading at 278–279 in the interbank market.
It stayed steady at 11:30 PM, hitting a high of 278 after gaining about Rs. 3 versus the US dollar during intraday trading.
The interbank rate eventually slipped down to 281 before returning to the 280 level for the rest of the day. Open market rates across several currency counters were stable in the 279-282 range today. The PKR increased by 75 paisas vs the dollar today, closing at 280.35, an increase of 0.27 percent.
The rupee closed in the green 8th day in a row today. On a fiscal year-to-date basis, it has so far appreciated by 2.01 percent. Overall, the rupee is down nearly Rs. 61 since January 2023. Since April 2022, it is down over Rs. 108 against the greenback. As per exchange rate movements seen today, the PKR has gained 75 paisas against the dollar.
The first review under Pakistan's Stand-By Arrangement (SBA) was concluded on Thursday by the Executive Board of the International Monetary Fund (IMF), marking a significant milestone that allowed for the immediate transfer of about $700 million to Pakistan.
The Executive Board of the International Monetary Fund (IMF) completed the 1st review and allows for an immediate disbursement of SDR 528 million (around US$ 700 million) bringing the total disbursements under the SBA to US$ 1.9 billion.
— Ministry of Finance, Government of Pakistan (@Financegovpk) January 11, 2024