KARACHI: The United States (US) dollar weakened against the Pakistani rupee in the interbank currency market on Wednesday.The Pakistani Rupee declined by almost 12 per cent last year. The dollar flight continued despite multiple measures taken by the State Bank of Pakistan (SBP) to stabilise the exchange rate.
According to the State Bank of Pakistan (SBP), as of closing, the value of the local currency relative to the US dollar was 279.57, down Re0.21.
According to the SBP, the rupee held stable at 279.36 against the US dollar on Monday.
Global rating agency Fitch Ratings stated that Pakistan’s attempts to get a new finance agreement with the International Monetary Fund (IMF) “may complicate” due to the close outcome of the country’s election and the subsequent political turmoil in the near future. This is a noteworthy advancement.
The current $3 billion Stand-By Arrangement (SBA) is scheduled to end in March 2024.
“We think any successor arrangement would come with tougher conditions, which may be resisted by entrenched vested interests in Pakistan,” Fitch Ratings said. “The current SBA is an interim package.”
On the global stage on Tuesday, the US dollar rose to a three-month high against the yen as the country’s ongoing inflation reinforced the case for higher interest rates for longer periods of time.
Tuesday’s open-market dollar rates
The bid amount was Rs 279.67.
Presenting a proposal of Rs 282.32
Also Read: US DOLLAR WAYS ON THE OPEN MARKET RS180
