PKR Thrashes US Dollar After Strong Comeback in Inter-bank Trading

The Pakistani rupee displayed ongoing ‘resilience’ against the US dollar by gaining 0.3% in inter-bank trading on Friday. Currently trading at Rs286.55, it has witnessed an increase of approximately Rs1—equivalent to 83 paisas.

Breaking a 17-session downward trend, the rupee had closed at Rs287.38 against the US dollar on Thursday. Caretaker Finance Minister Dr. Shamshad Akhtar announced the signing of a staff-level agreement (SLA) with the International Monetary Fund (IMF).

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Dr. Akhtar expressed confidence that external financing would not be a challenge, highlighting anticipated inflows in December 2023 that are expected to bolster foreign exchange reserves.

Providing context, she mentioned a $79 million decline in the country’s total liquid foreign exchange reserves during the previous week due to external debt servicing. As of November 10, the reserves stood at $12.535 billion.