The Pakistani rupee lost further ground 9th day in a row against the US Dollar today after opening trade at 282 in the interbank market.

At 11:30 PM, it was bearish, treading the 282 level against the greenback.

Later, the interbank rate dropped below the 283 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 281-284 range today.

At close, the PKR depreciated by 0.27 percent to close at 283.43 after losing 78 paisas against the dollar today.

The rupee closed in the red for the 9th consecutive day today.

After today’s drop, the gap between interbank and open market rates is down by Rs. 53 since 4 September. The rates have spiked as low as 284.

Pertinently, the rupee is down nearly Rs. 66 since January 2023. Since April 2022, it is down over Rs. 113 against the greenback. As per exchange rate movements witnessed today, the PKR has lost 78 paisas against the dollar.

In a key development, the International Monetary Fund (IMF) review mission led by Nathan Porter on Wednesday reached the Ministry of Finance in Pakistan to commence discussions on the first review of the $3 billion stand-by arrangement (SBA).

This marks the beginning of the much-anticipated economic review talks between Pakistan and the IMF, as the nation seeks financial support and guidance from the international organization.

The IMF mission will be initially presented with a comprehensive report detailing the progress made in implementing the financial targets, shedding light on the current economic landscape of Pakistan. This marks a critical step in the ongoing efforts to address the nation’s economic challenges and seek support from the crisis lender.

The expectation is once Pakistan successfully concludes this review and unlocks the $700 million tranche from the lender, it will restore faith in the market. Resultantly, the PKR may rise to the 250-260 level in an ideal situation, a trader remarked.

Source: Pro Pakistani