Pakistan Open Market Forex Rate – A currency dealer counts Pakistani rupee bills in Islamabad, Pakistan, on 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, the biggest one-day drop in two decades – a move that could prompt the International Monetary Fund to resume lending. to the country.
Pakistan Open Market Forex Rate
The drop came a day after foreign exchange companies lifted exchange rate caps, a key demand of the IMF as part of an economic reform program agreed with the cash-strapped South Asian nation.
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The official value of the currency closed at 255.4 rupees to the dollar on Wednesday, compared to 230.9 to the dollar on Wednesday, the Central Bank said.
Facing a severe balance of payments crisis, Pakistan is desperate for external financing, with less than three weeks’ worth of import cover in its foreign exchange reserves, which, according to the latest data, have declined by $923 million to $3.68 billion.
Pakistan received $6 billion in aid from the IMF in 2019. It was supplemented by another $1 billion last year to help the country after devastating floods, but the IMF suspended payments in November after Pakistan failed to make more progress on fiscal consolidation.
The lender announced Thursday that it would send a mission to the country in late January to discuss restarting the program.
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The IMF is urging the government to move to a market-based exchange rate regime, even if the government is not ready to take fiscal measures, the IMF said in a statement on Thursday.
Foreign exchange firms said on Wednesday they were withdrawing the limit in the national interest because it was creating “artificial” distortions for the economy.
Wednesday’s moves by foreign currency traders, whose open market rates differed from those reported by the central bank, had a cascading effect on Thursday’s official rate.
According to Pakistani brokerage JS Global, the fall in the official exchange rate was the biggest in absolute and percentage terms since 1999.
The Foreign Exchange Interbank Market
According to trading data from the Exchange Companies Association of Pakistan (ECAP), the rupee fell to 262 rupees from 243 rupees in the open market, after losing 1.2% the previous day and down about 7%.
“We have asked the Central Bank to increase (rates) between banks to help fight the black market,” said ECAP president Malik Bostan.
The State Bank of Pakistan (SBP) and the finance ministry did not respond to requests for comment.
Finance Minister Ishaq Dar’s efforts to protect the rupee since his appointment in September, including intervention in the foreign exchange market, have gone against the advice of the IMF.
Currency Rate In Pakistan On 25 Dec 2022
But Pakistan’s stock market reacted positively to the weaker rupee, with the KSE 100 index up 1,000 points or 2.5%.
“The depreciation of the rupee removed some uncertainty about the economic roadmap ahead and the resumption of the IMF program, to which the market responded positively,” said Tahir Abbass, head of research at Arif Habib Limited.
A sharp drop in foreign exchange reserves from $8 billion in September to $4.6 billion on January 13 has widened the spread between official and open market rates and created black prices, according to Karachi-based brokerage Topline Securities. due to low supply in the dollar market.
The sudden drop in prices hit the banks hard. According to two officials of commercial banks operating in Pakistan, banks that previously operated open positions and borrowed at 230 rupees per dollar to make payments now have to clear payments at 250 rupees.
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Officials, speaking on condition of anonymity, said the most affected banks were those that did not have sufficient dollar inflows.
While the move raises the possibility of resuming IMF funding, Pakistan is still reeling from decades of high inflation, which economists now fear will worsen. Most of Pakistan’s important imports, including fuel, are paid for in dollars.
“This will give a significant boost to already mounting price pressures in the economy,” said Pakistani macroeconomist Saqib Sherani, adding that the country’s consumer price index (CPI) numbers were heading for record highs.
In the first half of the current financial year, which ended in June, inflation averaged 25%. The central bank is also tightening monetary policy sharply, key rates are at their highest levels in decades and growth has stalled.
Foreign Exchange Market
The ensuing economic crisis will also put political pressure on the government, with former Prime Minister Imran Khan calling for an early general election.
Reporting by Ariba Shahid in Karachi and Asif Shahzad in Islamabad; Written by Gibran Peshimam; Edited by Muralikumar Anantharaman, Sri Navaratnam and Simon Cameron-Moore
Ariba Shahid is a journalist based in Karachi, Pakistan. It mainly covers economic and financial news in Pakistan and Karachi-centric events. Ariba previously worked for DealStreetAsia and Profit Magazine. Looking for the latest USD to PKR exchange rates in Pakistan? Read on for updates on the open forex market, interbank exchange rates and the performance of the Pakistani Rupee against other popular world currencies.
Currency trading rates change daily. The specific factors that cause these fluctuations are the rate of change in the country’s economy, import/export operations and industrial trade. Now, without further ado, let’s have a look at the current rate of US Dollar in Pakistan given in the table below.
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Note: The US Dollar to Pakistani Rupee exchange rate is shown in the table above as of March 8, 2023.
Sudden changes in exchange rates, which have become a common phenomenon, have a wide impact on the general economy of the country. Changes in the cost of imported components and other materials directly affect the local market.
Changes in the exchange rate also affect the country’s potential investment and inflation. The devaluation or strengthening of the national currency also affects the employment sector.
Be sure to check the Forex rates below as you keep an eye on today’s exchange rate for the dollar in Pakistan. Here are the open market and interbank rates for some of the most popular currencies.
Today’s Currency Exchange Rates In Pakistan
After achieving independence in 1947, what was the exchange rate of 1 dollar against PKR? Here is a complete history of dollar exchange rates in Pakistan divided by decade.
That’s all you need to know about the latest open market forex rates in Pakistan, including USD to PKR conversion. If you have any questions or comments about the blog, please email us at blog@
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Yousuf is a writer who enjoys reading articles and watching documentaries on interesting and trending topics. He prefers to spend his free time taking care of pets and pets. Current exchange rates of the Pakistani Rupee (PKR) against other major currencies are listed in the table below.
Looking for the latest PKR to USD exchange rates in Pakistan? Read on for updates on the open forex market, interbank exchange rates and how the Pakistani rupee fares against other major foreign currencies.
Exchange rates for buying and selling currencies are updated daily. A country’s economy, import/export activities, and the rate of change in industrial trade are important elements that create this variation. Without further ado, let’s take a look at the current exchange rate of the US dollar in Pakistan in the table below.
Note: The exchange rate between the US Dollar and the Pakistani Rupee shown in the table above is as of February 13, 2023.
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Now that we are talking about the dollar exchange rate in Pakistan, let’s have a look at the best performing currencies in the world.
Looking for the exchange rate of 1 USD to 1 PKR in 1947 after independence? Here is a detailed graph of the Pakistani Dollar exchange rate split over ten years.
3.3111.761960spks to USD at the rate of 1947 PKR. *
You now have all the information you need about the latest open market exchange rates in Pakistan, including USD to PKR conversions. If you have questions or comments about the blog, you can contact support@mail.ru.
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