Karachi: The trend of a continuous decrease in the value of the dollar has been ongoing in the country’s exchange markets for the past several weeks.
The Pakistani rupee continued its positive streak against the US dollar, appreciating by 0.04% in the inter-bank market. Closing at 280.24, the currency’s upward trend is attributed to the recent staff-level agreement between Pakistan and the International Monetary Fund (IMF), leading to the approval of a $700 million tranche.
Interbank closing #ExchangeRate for today https://t.co/saOzRHbWA0#SBPExchangeRate pic.twitter.com/ITWG8IGd9E
— SBP (@StateBank_Pak) January 15, 2024
Last week, the IMF Executive Board completed the first review of the $3 billion Stand-by Arrangement, bolstering Pakistan’s foreign exchange reserves, currently at $8.15 billion. This positive momentum is set to continue with expected IMF inflows.
Globally, the US dollar remained flat amid expectations of a Federal Reserve rate cut in March. Oil prices also saw a modest increase, influenced by geopolitical tensions in the Middle East.
In the open market, the Pakistani rupee made gains against the USD, Euro, and Saudi Riyal, reflecting a strengthening position. These developments showcase the positive economic outlook and increased investor confidence in Pakistan.
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