Rupee increase Significantly Against US Dollar in Recent Forex Trends

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Thursday marked another day of positive movement for the Pakistani Rupee against the US Dollar, opening the trading session with a modest gain of 64 paisas, according to the interbank exchange rate.

Over the past few days, the US Dollar has experienced a decline in value against the Rupee, a trend attributed to ongoing negotiations between Pakistan and the International Monetary Fund regarding the next installment in the $3 billion loan program.

At the start of Thursday’s session, the Rupee was listed at Rs287.50, reflecting a 64-paisa increase against the Dollar in the interbank market. By noon, the American currency witnessed a substantial decrease of Rs1.14, trading at Rs287 in the interbank market. In the open market, the US Dollar also experienced a decline of Re1, settling at Rs288.50.

Similarly, on the preceding Wednesday, the Rupee opened the trading session with a modest increase of 27 paisas against the US Dollar, based on the interbank exchange rate. The Dollar initiated the session at Rs287.60 in the interbank market, reaching Rs287.80 around noon, reflecting a 7-paisa uptick.

By the end of Wednesday’s trading session, the US Dollar concluded at Rs288.14, experiencing a slight dip against the Rupee. These recent fluctuations in the exchange rate highlight the dynamic nature of currency markets and ongoing developments in Pakistan’s economic landscape.

 

In contrast, the Dollar experienced devaluation against the Pakistani Rupee in the open market, with a selling rate of Rs289.5 and a buying rate of Rs286.5.

On Tuesday, the US Dollar commenced the trading session with a value of Rs287, reflecting a slight dip of 55 paisas in the interbank exchange rate. The day concluded in the interbank market with the Dollar standing at Rs287.87. Notably, since October 16, the American currency has seen an appreciation of Rs11.04.

Conversely, in the open market, the US Dollar remained stable at Rs289, exhibiting an increase of Rs12 since October 16.

The currency has sustained a notable upward trajectory over the past few weeks, coinciding with Pakistan’s successful negotiation of a staff-level agreement (SLA) with the International Monetary Fund (IMF) on Wednesday.

This agreement, contingent on approval by the IMF’s Executive Board, signifies a significant milestone in the execution of Pakistan’s economic program supported by the IMF stand-by arrangement (SBA) amounting to $3 billion.

Following approval, Pakistan is poised to receive a disbursement of approximately $700 million, bringing the total disbursements under the program to nearly $1.9 billion. This financial insertion is expected to have far-reaching implications for Pakistan’s economic landscape.

Ammara Ahmed

Ammara Ahmed

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