The Pakistani rupee (PKR) declined by more than 2.5% against the dollar during intraday trade on Friday after Finance Minister Ishaq Dar approved a plan for charity organisations to assist raise about $2 billion from Pakistanis living abroad. The currency reached a low of Rs278 versus the dollar.
According to the Exchange Companies Association of Pakistan, the rupee was trading at Rs278.67 against the dollar in intraday trade on the interbank market around 12:50 PM (ECAP).
From the previous day’s closing rate of Rs271.35 to the US dollar, the local currency decreased by Rs7.32.
For the third time in a week, the PKR has decreased by at least Rs7 when compared to the US Dollar during intraday trade.
The International Monetary Fund (IMF), according to Prime Minister Shehbaz Sharif, is making things difficult for the government in the ongoing loan negotiations, Bloomberg reported. As a result, Pakistani rupee and dollar bonds declined.
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The US magazine reports that the USD/PKR has reached a record high of 275.0250, up 1.8%. Bonds with an April 2024 maturity date were valued at 56.94 cents on the dollar, a decrease of 0.3 cents.
According to experts, the market is reacting to news reports concerning the demands made by the IMF. In the event that Pakistan and the Fund are unable to come to a staff-level agreement, rupee losses will worsen over the next few days.
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