The Pakistani rupee fell second day in a row against the US Dollar after opening trade at 278 in the interbank market.
It was bearish against the greenback today.
The interbank rate stayed at 279 most of the day before closing at the 278 level. Open market rates across multiple currency counters were in the 278-279 level today.
The PKR depreciated by 0.06 percent to close at 278.29 after losing 16 paisas against the dollar today.
On a fiscal year-to-date basis, the rupee has so far appreciated by 2.71 percent.
Overall, the rupee is down nearly Rs. 51.69 since January 2023. Since April 2022, it is down Rs. 95.69 against the greenback. As per the exchange rate movements seen today, the PKR lost 16 paisas today.
In a key development, Finance Minister Muhammad Aurangzeb said on Monday that Pakistan will request at least a three-year-long program from the International Monetary Fund (IMF) to implement essential structural reforms.
With the final $1.1 billion tranche of the current program likely to be appr
oved later this month, Aurangzeb said Pakistan has initiated discussions with the IMF over a new multi-billion dollar loan agreement to support its economic reform program. He expects discussions on this matter to begin around the second or third week of May.
The PKR was red against some of the other major currencies in the interbank market today. It lost four paisas against the UAE Dirham (AED) and four paisas against the Saudi Riyal (SAR).
Meanwhile, it gained 67 paisas against the Canadian Dollar (CAD), 89 paisas against the Euro (EUR), Rs. 1.17 against the British Pound (GBP), and Rs. 1.74 against the Australian Dollar (AUD) in today’s interbank currency market.
Source: Pro Pakistani