ISLAMABAD: After a marginal appreciation for the last two days, the Pakistani rupee on Friday witnessed a slight decrease of Rs 0.03 against the US dollar in the inter-bank market to settle at Rs279.36 against the last day stand of Rs279.33.
Last day the local currency appreciated against dollar by Rs0.17, according to the State Bank of Pakistan (SBP).
According to media reports soon after the new government takes charge, Pakistan would move to International Monetary Fund (IMF) for seeking a new loan plan at least $6 billion to counter the current economic quagmire in the country. If the loan is approved, the local currency would possibly got further strength in near future.
Meanwhile, due to recent debt payments, the total liquid foreign reserves of Pakistan has witnessed a decrease by $44 million to settle at $8.012 billion during the week ended on February 16, 2024.
Pak Rupee Against Dollar
The Pakistani currency swung both way against the American dollar during last couple of months with a recent continues appreciation. From September last, till middle of October 2023, the local unit recorded improvement for record 28 consecutive sessions against the greenback, followed by continues decline for 17th consecutive sessions from October till middle of November, 2023.
However, at the end of December 2023, and then in January 2024, the Pakistani currency mostly enjoyed improvement against the greenback, thanks to the inflow from the IMF in form of Rs700m followed by a $2b roll over from the UAE a month before. As a result, the Pakistani currency appreciated by over Rs 5 in the interbank during last three to four weeks.
