Dollar Declines as IMF Program Revival Prospects Rise - Capital TV

May 29, 2023


Dollar Declines as IMF Program Revival Prospects Rise

Anum Razzaque

KARACHI: The local currency has regained its strength following consecutive losses. The PKR has recovered by Rs1.74 against the dollar since the start of the trading day.

At 11:30 PM the rupee gained stability and appreciated by Rs 4.63 against the dollar. However, devaluation soon reemerged and the dollar closed at Rs 267.89

The depreciation of the local currency pushed the value of the dollar to Rs265 today, which closed at Rs269.63 yesterday, marking the highest peak in history.

The dollar had gained Rs40 over the last 7 days, but recent talks with the International Monetary Fund (IMF) have been helping to strengthen the PKR.

The IMF delegation is currently in Islamabad for the first phase of meetings, which will continue until February 3.

The talks between the IMF and Islamabad may provide an opportunity for Pakistan to increase its foreign exchange reserves through the State Bank of Pakistan (SBP), which would aid in appreciating the PKR.

Additionally, the revival of IMF talks has also had a positive impact on shares, leading to a surge in the KSE-100 index that has crossed the benchmark of 40,000.

Since the start of the business week, the stock market has gained 801 points and reached 40,673 points in the first session of the day.

However, the first day of the commercial week was unfavorable for shares, as The KSE-100 index declined by 580 points, closing at 39,871.27 points, a decrease of 1.43%.

icon-facebook icon-twitter icon-whatsapp

Leave a Reply

Your email address will not be published. Required fields are marked *