Forex Rates In Pakistan – A currency trader counts Pakistani rupee bills as he prepares to exchange US dollars in Islamabad, Pakistan December 11, 2017. /Karen Firuz/File Photo
KARACHI, Pakistan, Jan. 26 () – The Pakistani rupee fell 9.6% against the dollar on Thursday, central bank data showed – its biggest one-day drop in two decades – in a slump that could convince the International Monetary Fund to lend to extend. to the country.
Forex Rates In Pakistan
The drop comes a day after foreign exchange firms lifted the exchange rate cap, a key demand from the IMF as part of an economic reform program it agreed with the strapped South Asian nation.
Exchange Rate Fluctuation And Economic Growth In Pakistan
The currency’s official value closed Wednesday at 255.4 rupees against the dollar versus 230.9, the central bank said.
Amid an acute balance of payments crisis, Pakistan is desperate for external financing, with less than three weeks’ worth of imports needed to cover its foreign exchange reserves, which have fallen by $923 million to $3.68 billion in the latest figures.
Pakistan secured $6 billion in IMF aid in 2019. Last year it added another $1 billion to help the country after devastating floods, but the IMF suspended the funds in November after Pakistan failed to make further progress on fiscal consolidation.
The lender announced on Thursday that it will send a mission to the country in late January to discuss extending the program.
What Is An Exchange Rate?
In addition to wanting the government to take fiscal action, the IMF is also pushing to move to a market-driven exchange rate regime, which the IMF highlighted in its statement on Thursday.
Forex firms said on Wednesday they would lift the cap for the benefit of the country because it creates “artificial” distortions in the economy.
The move on Wednesday by currency traders, whose open market rates differ from those reported by the central bank, had a cascading effect on official exchange rates on Thursday.
According to Pakistani brokerage firm JS Global, the fall in interest rates was the largest since 1999, both in absolute terms and as a percentage.
Nbp Exchange Company Limited
At the open, the rupee weakened to 262 from 243 rupees to the dollar, down about 7% after shedding 1.2% the previous day, according to trade data from the Exchange Companies Association of Pakistan (ECAP).
“We asked the central bank to raise the interbank rate to fight the black market,” said ECAP President Malik Bostan.
The State Bank of Pakistan (SBP) and the Ministry of Finance did not respond to requests for comment.
Finance Minister Ishaq Dar’s efforts to defend the rupee since his appointment in September, including interventions in the foreign exchange market, have gone against International Monetary Fund advice.
What Is The Dollar Rate In Pakistan Today 2023
However, the Pakistan stock market reacted positively to the rupee’s decline, with the KSE 100 index rising more than 1,000 points, or 2.5%.
“The devaluation of the rupee removes some uncertainties regarding the future economic roadmap and the renewal of the IMF program, to which the market reacts positively,” said Tahir Abbas, head of research at Arif Habib Limited.
Topline Securities, a Karachi-based brokerage firm, said a sharp drop in foreign exchange reserves from $8 billion in September to $4.6 billion on Jan. 13 widened the spread between official and open market rates and put it in the black. Dollar market due to low supply.
The sudden fall in interest rates hit the banks hard. Banks that used to borrow at 230 rupees per dollar to make payments on open positions are now required to make payments at a rate of 250 rupees, according to two officials from commercial banks operating in Pakistan.
Pakistani Rupee Plummets As Markets Adjust To Removal Of Unofficial Controls
Banks that did not have adequate dollar inflows were hit hardest, the officials said on condition of anonymity.
While the move increases the chances of renewed IMF funding, Pakistan is also suffering from decades of high inflation, which economists fear is now set to worsen. Most of Pakistan’s critical imports, including fuel, are paid for in dollars.
“This will give a significant boost to the already high price pressures in the economy,” said Saqib Sheran, a Pakistani macroeconomist, adding that consumer price index (CPI) figures in the country hit unprecedented levels.
In the first half of the current fiscal year, which ends in June, average inflation is 25%. The central bank is also tightening monetary policy, key interest rates are also at multi-decade highs and growth has stalled.
Live Open Market Foreign Currency Exchange Rates In Pakistan Today
Another economic crisis will also put political pressure on the government as former Prime Minister Imran Khan calls for snap elections.
Reporting by Ariba Shahid in Karachi and Asif Shahzad in Islamabad; Gibran wrote Peshimami; Edited by Muralikumar Anantharaman, Sri Navaratnam and Simon Cameron-Moore
Ariba Shahid is a journalist from Karachi, Pakistan. It mainly covers business and financial news from Pakistan along with stories focused on Karachi. Ariba previously worked for DealStreetAsia and Profit Magazine. Lulu Exchange UAE offers a safe, fast and convenient currency exchange that will exceed your expectations. Administrations can be used by UAE residents and our extensive branch system makes money trading more open to all.
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Monetary Policy Isn’t What You Think It Is
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Who Sets The Daily Exchange Rates?
When a copywriter is conducting keyword research, it also helps to know your competitors to see what SEO terms they are using. US Dollar to PKR (dollar rate in Pakistani Rupee) – Dollar rate in Pakistan today 28th February 2023 is Rs. 261.50. This is the closing interbank exchange rate for the US Dollar to the Pakistani Rupee, provided by the State Bank of Pakistan (SBP) at the end of each business day.
It is important to note that this Dollar to PKR (US Dollar to Pakistani Rupee exchange rate in Pakistan) today 28 February 2023 is the interbank closing rate according to the State Bank of Pakistan (SBP).
The US dollar rate was Rs. 259.92 against the Pakistani rupee (PKR) on Monday (27-Feb-2023) and rose by Rs. 1.52, bringing the new dollar to PKR exchange rate back to Rs. 261.50.
Below is the US Dollar PKR (Pakistani Rupee) Dollar exchange rate in Pakistan for today, February 28, 2023, along with the appreciation and depreciation compared to the previous day.
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, GBP to PKR and AED to PKR exchange rates in Pakistan as provided by the State Bank of Pakistan (SBP). This is the official exchange rate provided daily by the banking regulator.
Tags: Exchange rate Pakistani Dollar Price in Pakistani Dollar Pakistani Rupee to Dollar PKRE Exchange rate in Pakistan Pakistani Rupee to USD USD to PKR
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