The Pakistani rupee marginally gained some ground against the US Dollar during intraday trade today after opening trade at 284.3 in the interbank market.
The Pakistani rupee was initially bullish today with the interbank rate initially going as high as 284.73 before dropping back to the 285 level. Open market rates across multiple currency counters (undocumented) still remained above 300 to as high as 305 while a few channels managed 311.
A few documented channels managed as high as 296 against the greenback.
At today’s close, the PKR suspended movement at 286.71 after gaining three paisas today.
Traders were dismayed over the federal government’s issues with the International Monetary Fund (IMF) and urged for timely resolution of budget-related issues so the country’s reserves could rise to the $5 billion level.
“After Dar’s heroics over the weekend, the idea was the IMF would stage an SLA right before Eid due to the promulgation of Rs. 215 billion in additional taxes. As of today, a few more issues have surfaced, hence the impasse killed PKR gains today. Forget the Diamond Card, just get the IMF cash first,” one of them commented.
Pertinently, with the loan program set to expire on June 30, the government only has a matter of days to iron out any other issues with the lender. Questions have been raised on the $100,000 remittance scheme for overseas Pakistanis and the government must focus on brushing such roadblocks aside in order to unlock some extra cash for a brief respite.
Overall, the rupee is down nearly Rs. 60 since January 2023. Since April 2022, it is down over Rs. 108 against the greenback. As per the exchange rate movements witnessed today, the PKR has gained three paisas against the dollar today.
The PKR was bullish against some of the other major currencies in the interbank market today. It held out against the Saudi Riyal (SAR) and the UAE Dirham (AED) and gained 49 paisas against the Australian Dollar (AUD).
Conversely, it lost 47 paisas against the Canadian Dollar (CAD), 55 paisas against the Euro (EUR), and 58 paisas against the Pound Sterling (GBP) in today’s interbank currency market.
Source: Pro Pakistani
