PKR snaps losing streak against USD, appreciates by 13 paisas

By web desk On Apr 19, 2024

KARACHI, (TLTP): Pakistani rupee snapped the four-day losing streak against the US dollar in the inter-bank market on Friday with an appreciation of 13 paisas.

According to data released by the State Bank, the rupee gained around 0.04 percent in value against the dollar over the previous session’s closing value. The data showed that the rupee gained Rs0.13 in value, improving from last session’s close of Rs278.44 to Rs278.31.

The rupee depreciated by around 37 paisa this week, going down from 277.94 to 278.31 per US dollar. Overall, the rupee has improved by Rs9.98 against the greenback during the current fiscal year ‪2023-24‬. The local unit improved by Rs1.16 in March, Rs0.39 in February, Rs2.36 in January and Rs3.31 in December, while it shed Rs3.69 against the US dollar in November after gaining Rs6.26 (+2.23 percent) in the month of October.

Meanwhile, the local unit in the open market was quoted at 278.25 for buying and 280.25 for selling, according to data provided by different exchange companies. The rupee surged against the greenback by Re1 in March and February, Rs2 in January and Rs3.50 in December.

Meanwhile, the International Monetary Fund’s Middle East and Central Asia director said that the Fund is ready to support Pakistan and the package of reforms is now more important than the size of the new program. “I think what is important at this stage is to accelerate the reforms, double down on the structure of reforms in order to provide Pakistan with its full potential of growth,” Jihad Azour told a press conference on the sidelines of the IMF 2024 Spring Meetings.

In a related development, the foreign exchange reserves held by the central bank rose by 14.4 million to $8.055 billion in the week ending April 12, the SBP said on Thursday. “During the week, SBP has executed the repayment of US$ 1 billion maturing Pakistan’s International Bond (principal plus interest),” it said in a weekly statement. The country’s total reserves fell by $68 million to $13.374 billion. Similarly, the reserves of commercial banks decreased by $82 million to $5.319 billion. Analysts said Pakistan made the Eurobond payment on April 12, which will be reflected in next week’s numbers. With the recent Eurobond payment last week, the reserves may drop to $7 billion.