Sunday, May 28, 2023

Pakistani Rupee Gains Rs. 14 in Interbank, Reaches Rs. 284 Against US Dollar

Following the release of Imran Khan and improvement in political situation, Pakistani rupee made a strong upswing by gaining Rs. 14 in interbank, reaching Rs. 284 against US Dollar.

A day earlier, Pakistani Rupee faced a sharp decline reaching Rs. 300 amidst political unrest nation-wide. However, today it has gained Rs. 13.68/US Dollar reaching an exact 285.25 in Foreign Exchange Market.

Ensuing this rise, decrease in demand from importers have been observed; oil payments have also been released. However, it remains a concern as Pakistan’s foreign exchange reserves are still low which can only make up to an approximate import of 1 month. Moreover, Pakistan is also facing a delay on securing loan from IMF.

Pakistani currency has been facing extreme fluctuations due to IMF programme and political unrest in country. Dr. Khadeeja Najeeb, the former Ministry of Finance adviser states that intervention from central bank might be crucial to prevent any further fluctuations in currency.

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