Islamabad, Feb 11: The Pakistani rupee (PKR) closed on a positive note against the US Dollar (USD) today, after opening at 279 in the interbank market. The rupee remained stable throughout the day, with the interbank rate fluctuating between 279-281/$ before closing at 279.16, marking an appreciation of 0.02 percent or a gain of five paisas.
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In the open market, the exchange rate remained around 279-282, with the rupee maintaining its stability. However, it posted losses against some other major currencies during the session. Despite this, the rupee showed strength against currencies like the UAE Dirham (AED) and Saudi Riyal (SAR), gaining one paisa against each. Additionally, the rupee gained 30 paisas against the Euro (EUR) and Rs. 1.91 against the British Pound (GBP). On the downside, the PKR lost eight paisas against the Canadian Dollar (CAD) and 16 paisas against the Australian Dollar (AUD).
On a fiscal year-to-date basis, the rupee has depreciated by 0.31 percent. This comes ahead of crucial negotiations between Pakistan and the International Monetary Fund (IMF) scheduled to begin on March 3 for the next tranche of the $7 billion bailout package. The IMF’s review mission will assess Pakistan’s economic performance from July to December 2024 to determine whether the next $1 billion tranche will be released. The review is expected to conclude by March 14.
