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Foreign Exchange Rates In Pakistan
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KARACHI, Pakistan, Jan 26 () – The Pakistani rupee fell 9.6% against the dollar on Thursday, central bank data shows – its biggest single-day drop in two decades century – in a deceleration that could convince the International Monetary Fund to continue lending. to the countryside, to the country
The drop came a day after foreign exchange firms lifted exchange rate ceilings, a key requirement of the IMF as part of an economic reform program it has agreed with the South Asian nation. lack of cash.
According to the central bank, the currency closed at Rs 255.4 against the official rate of $230.9 on Wednesday.
Facing a severe balance of payments crisis, Pakistan is desperately seeking external financing, with its foreign exchange reserves including less than three weeks’ worth of imports, having shrunk by 923 million. dollars to $3.68 billion according to the latest figures.
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Pakistan received a $6 billion IMF bailout in 2019. Last year, it was allocated an additional $1 billion to help the country after devastating floods, but the IMF later suspended it. disbursed in November due to Pakistan’s failure to make further progress in financial consolidation.
The lender announced Thursday that it will send a delegation to the country at the end of January to discuss restarting the program.
In addition to the government’s willingness to take fiscal measures, the IMF is pushing the government to move to a market-determined exchange rate system, which the IMF highlighted in its statement on Thursday.
Foreign exchange firms on Wednesday said they had lifted the limit for the country, saying it was causing “artificial” distortions to the economy.
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Wednesday’s move by foreign currency traders, whose open market rates differ from those announced by the central bank, had a cascade effect on Thursday’s official exchange rate.
According to Pakistani brokerage JS Global, the official rate drop is the largest since 1999, both in absolute terms and in percentage terms.
On the open market, the rupee weakened from 243 rupees to 262 per dollar, down about 7 percent from the previous day’s 1.2 percent drop, according to trade data from the Pakistan Association of Exchange Companies. (ECAP).
“We have asked the central bank to raise the interbank (rate) to help combat the black market,” said ECAP President Malik Bostan.
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The State Bank of Pakistan (SBP) and the Ministry of Finance did not respond to requests for comment.
Since his appointment in September, Finance Minister Ishaq Dar’s efforts to protect the rupee, including interventions in money markets, have gone against the advice of the IMF.
However, the Pakistan Stock Exchange reacted positively to the rupee’s drop, with the KSE 100 index gaining more than 1,000 points, or 2.5%.
Tahir Abbas, head of research at Arif Habib Ltd, said: “The depreciation of the rupee removes some of the uncertainty about the economic path forward and the resumption of the IMF programme, which is something that is not going to happen. The market is reacting positively.”
Pakistan Foreign Exchange Reserves: Pakistan Central Bank’s Foreign Exchange Reserves Hit Eight Year Low
Karachi-based brokerage Topline Securities said a sharp drop in foreign exchange reserves to $4.6 billion on Jan. 13 from $8 billion in September widened the spread between the official rate and open market rates and create a black hole. Market for dollars due to low supply.
The sudden interest rate cut had a strong impact on banks. According to two officials of a commercial bank operating in Pakistan, the bank used to lend at 230 rupees per dollar, now it has to pay at 250 rupees.
The officials, who spoke on condition of anonymity, said the hardest hit banks were those that did not have enough dollar flows.
The move raises the prospect of resumption of IMF funding, with Pakistan also suffering from decades of high inflation, which economists fear will worsen. Most of Pakistan’s important imports, including fuel, are paid for in dollars.
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“This will provide a significant incentive to address already high price pressures in the economy,” said Pakistani macroeconomist Saqib Sherani, adding that the consumer price index (CPI) is heading towards unprecedented levels in the country.
In the first quarter of the current fiscal year, which ended in June, inflation averaged 25%. The central bank is also tightening monetary policy aggressively, with key interest rates at a decade high and growth stalling.
The coming economic crisis will also put further political pressure on the government, with former Prime Minister Imran Khan calling for immediate general elections.
Reporting by Ariba Shahid in Karachi and Asif Shahzad in Islamabad; Written by Gibran Peshimum; Edited by Muralikumar Anantharaman, Sri Navaratnam and Simon Cameron-Moore
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Ariba Shahid is a journalist based in Karachi, Pakistan. She mainly covers economic and financial news from Pakistan, as well as stories surrounding Karachi. Ariba has previously worked on DealStreetAsia and Profit.1 Magazine Sar to pkr, currency of Pakistan Saudi Arabia Saudi currency today pkr, PKR to SAR, Riyal to pkr open market in Pakistan Rates Riyal on the open market, Riyal to Pkr today, Sar to pkr, . Sar to pkr today, saudi currency rate in pakistan saudi currency rate today, saudi riyal currency rate in pakistan, pakistani riyal saudi currency today saudi pakistan currency today, saudi riyal rate rupee pakistan, pakistani riyal saudi riyal to pakistani rupee today saudi riyal to pkr
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