Forex News

Pakistani rupee rallies following IMF agreement and easing import pressures

2023.11.17 13:09



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.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 94,658.36 1.65%
ethereum
Ethereum (ETH) $ 3,434.54 3.51%
tether
Tether (USDT) $ 0.998251 0.20%
solana
Solana (SOL) $ 238.53 3.98%
bnb
BNB (BNB) $ 639.97 1.61%
xrp
XRP (XRP) $ 1.46 5.83%
dogecoin
Dogecoin (DOGE) $ 0.400844 4.00%
usd-coin
USDC (USDC) $ 0.997892 0.18%
cardano
Cardano (ADA) $ 0.999811 1.48%
staked-ether
Lido Staked Ether (STETH) $ 3,435.21 3.42%
tron
TRON (TRX) $ 0.197132 3.92%
avalanche-2
Avalanche (AVAX) $ 41.51 3.81%
the-open-network
Toncoin (TON) $ 6.08 0.47%
stellar
Stellar (XLM) $ 0.503064 5.59%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 2.37%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,081.93 3.88%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,851.41 1.07%
polkadot
Polkadot (DOT) $ 8.41 0.55%
chainlink
Chainlink (LINK) $ 17.74 4.44%
weth
WETH (WETH) $ 3,446.19 3.94%
bitcoin-cash
Bitcoin Cash (BCH) $ 500.09 0.38%
sui
Sui (SUI) $ 3.16 5.29%
pepe
Pepe (PEPE) $ 0.000019 2.51%
near
NEAR Protocol (NEAR) $ 6.57 0.43%
leo-token
LEO Token (LEO) $ 8.31 1.39%
litecoin
Litecoin (LTC) $ 94.31 1.47%
uniswap
Uniswap (UNI) $ 11.33 8.54%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,624.00 3.64%
aptos
Aptos (APT) $ 11.96 0.10%
internet-computer
Internet Computer (ICP) $ 11.68 6.61%
usds
USDS (USDS) $ 0.996858 0.30%
hedera-hashgraph
Hedera (HBAR) $ 0.136976 3.89%
crypto-com-chain
Cronos (CRO) $ 0.182908 1.97%
ethereum-classic
Ethereum Classic (ETC) $ 30.76 10.15%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.561902 3.51%
render-token
Render (RENDER) $ 7.65 1.48%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.18%
bittensor
Bittensor (TAO) $ 521.37 3.68%
kaspa
Kaspa (KAS) $ 0.149746 0.06%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.43 1.62%
arbitrum
Arbitrum (ARB) $ 0.911406 10.36%
dai
Dai (DAI) $ 0.998737 0.08%
celestia
Celestia (TIA) $ 8.12 1.80%
whitebit
WhiteBIT Coin (WBT) $ 23.93 1.27%
filecoin
Filecoin (FIL) $ 5.62 2.77%
vechain
VeChain (VET) $ 0.041331 3.15%
bonk
Bonk (BONK) $ 0.000044 5.88%
blockstack
Stacks (STX) $ 2.14 9.06%
okb
OKB (OKB) $ 53.33 0.52%
dogwifcoin
dogwifhat (WIF) $ 3.17 2.27%