PKR strengthens by 1.8 rupees against USD

MG News | July 12, 2023 at 11:10 AM GMT+05:00

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July 12, 2023 (MLN): The positive news flow one after another in recent days has sparked investors' confidence. As a result, the Pakistani rupee (PKR) has registered a gain of around 1.82 rupees against the greenback as the trades were reported at PKR 276.75 per USD during intraday trading today.

The dollar was being quoted at 278.75/ 276.75 (11:06 PST) when compared to the previous day’s close of 278.57 per USD.

While in the open market, the dollar was being quoted at 278/279.

To note, PKR has gained 8.75 rupees or 3.06% against the USD since the signing of the long-standing staff-level agreement with the IMF on a $3 billion nine-month SBA.

The International Monetary Fund’s executive board will hold a crucial vote on whether to approve a short-term $3 billion loan program for Pakistan later today.

Yesterday, the State Bank of Pakistan (SBP) received a $2bn deposit from Saudi Arabia.

Moreover, on Monday, Fitch Ratings upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CCC-'.

These latest developments have given Pakistan breathing room and lowered the chances of a payment default.

As a result, the economy has started to move towards stability.

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