Pak Rupee Bounces Back Against Dollar After Agreement with IMF

Thu Nov 16 2023
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ISLAMABAD: After continues depreciation for the last 17 session, the Pakistani Rupee bounced back on Thursday and gained 76 paisa against the American dollar in the interbank trading and closed at Rs 287.38 against Rs 288.14 last day, reported by State Bank of Pakistan (SBP).

Experts believe the reversal process of the local currency came after Pakistan and IMF reached a successful agreement over the second tranche of Stand-By-Agreement on Wednesday.

Like the interbank, the buying and selling rates of the American dollar in the open market also observed slight change and settled at Rs 287.2 and Rs 290 respectively.

The price of the Euro also witnessed a depreciation of Rs 1.55 to settle at Rs 311.60 compared to Rs 313.15, last day, according to the SBP.

The Japanese Yen went down by 02 paisa to settle at Rs 1.89, while the British Pound observed a decline of Rs 3.26 in the exchange rate to close at Rs 355.90 against Rs 359.16 on Wednesday.

The exchange rates of the Saudi Riyal and the Emirates Dirham decreased by 20 and 21 20 paisa to close at Rs 76.62 and Rs78.24 respectively.

Appreciation and Depreciation of Pak Rupee

Pakistani rupee observed both appreciation and depreciation during last two and a half months. From September 6 till 10th of October the local currency improved for 28 consecutive sessions followed by continued depreciation for 17th consecutive sessions.

However, from November 16th the local currency bounced back and resumed appreciation obviously due to last day successful meeting about the second tranche of the $3 billion Stand-By Agreement with the IMF. After inflow of dollar via the second tranche the local currency is expected to improve further in coming days.

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