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Pakistani rupee stables against dollar

Due to hopes for the resurrection of the International Monetary Fund (IMF) programme, the Pakistani rupee (PKR) appreciated by 1.04 percent on Thursday in the interbank market against the US dollar.

The currency increased by Rs2.82 to close at Rs270.51 versus the US dollar, according to the State Bank of Pakistan (SBP). Despite this improvement, the currency has lost value in relation to the US dollar by 23.7% thus far this fiscal year.

In a significant milestone, Pakistan’s Finance Minister Ishaq Dar stated on Thursday that talks with the IMF are “on track” and that “positive news will be announced soon.”

Speaking to the media, Dar stated that negotiations between the two parties had reached the final stage, that they had made “acceptable” progress, and that he hoped talks would end today.

The dollar index, which compares the value of the US dollar to six other currencies, increased 0.029 percent on Thursday to 103.460 after falling nearly 0.3% the previous day.


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As the dollar weakened, gold prices increased for a fourth straight session, but the prognosis for the precious metal remained gloomy due to Fed members’ remarks.

The prospect of higher fuel demand in China as it reopens after COVID curbs was offset by concerns that US crude stocks, which hit their highest levels in months, may signal weaker demand in the world’s top economy. At the same time, oil prices, a key indicator of currency parity, were largely stable on Thursday.

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