The Pakistani rupee gained further ground against the US Dollar to extend its win streak to 26 days today after opening trade at 277 in the interbank market.
At 11:30 PM, it was bullish, treading the 276-279 level against the greenback.
Later, the interbank rate eased to the 278 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day.
In the last 23 sessions, the PKR has gained Rs. 28.47 against the greenback.
Open market rates across multiple currency counters stood in the 275-278 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 60 against the greenback.
At close, the PKR appreciated by 0.33 percent to close at 278.58 after gaining 93 paisas against the dollar today.
The rupee continued its good run 26th day in a row today. The gap between interbank and open market rates massively shrunk by roughly Rs. 52 last month, and already by ~Rs. 7 in October. The rates have gone down to as low as 275 and have since continued brief spikes to 278 today.
Pertinently, the rupee is down nearly Rs. 59 since January 2023. Since April 2022, it is down over Rs. 106 against the greenback. As per exchange rate movements witnessed today, the PKR has gained over 90 paisas against the dollar.
The uptick has continued to sustain even further after the State Bank of Pakistan (SBP) unveiled structural reforms aimed at Exchange Companies (ECs) in September. Also, administrative steps have also weighed in to curb currency smuggling and hoarding. Dozens of illegal currency dealers were barred from operating and millions of dollars confiscated.
In a key development, the International Monetary Fund (IMF) has projected a decline in General Government Gross Debt for Pakistan from 76.6 percent of Gross Domestic Product (GDP) in 2023 to 72.2 percent in 2024.
The government revenue is projected at 12.5 percent of GDP for 2024 and 12.4 percent for 2025 against 11.4 percent during the same period in 2023 and 12.1 percent in 2022.
The Fund has projected the government primary balance at 0.4 percent for 2024 against -1.2 percent in 2023. Further, the government’s overall balance is projected at -7.6 percent for 2024 against -8.1 percent in 2023.
The Fund has projected an increase in the government expenditure for Pakistan from 19.5 percent of GDP in 2023 to 20.1 percent in 2024.
The PKR was green against all of the other major currencies in the interbank market today. It gained 25 paisas against the Saudi Riyal (SAR) and 25 paisas against the UAE Dirham (AED).
Moreover, it gained 37 paisas against the Euro (EUR), 52 paisas against the British Pound (GBP), 66 paisas against the Canadian Dollar (CAD), and 75 paisas against the Australian Dollar (AUD) in today’s interbank currency market.
Source: Pro Pakistani