Update on US Dollar to Pakistani Rupee Exchange Rate – November 14, 2023
In the early trading hours on Tuesday, the Pakistani rupee displayed resilience against the US dollar, registering a modest appreciation of 0.02% in the inter-bank market.
Karobar
At 11:30 am, the rupee stood at 287.50, reflecting a slight gain of Re0.05 compared to the previous day's closing rate. The preceding day marked the 15th consecutive session of rupee depreciation, with a decline of 0.18% as it settled at 287.55 against the US dollar.
Adding to the economic landscape, Caretaker Finance Minister Dr. Shamshad Akhtar initiated pivotal policy discussions on Monday with the International Monetary Fund (IMF) staff mission. The focus of these talks is the first review of the Stand-By Arrangement (SBA), a crucial step towards securing $710 million from the $3 billion loan program.
This high-level meeting included key figures such as the governor of the State Bank (SBP), the chairman of the Federal Board of Revenue (FBR), and other top officials from the Ministry of Finance, FBR, SBP, and the Ministry of Energy. The collaboration underscores a united effort to navigate economic challenges and fulfill the obligations of the IMF program.
As Pakistan continues to grapple with economic intricacies, keeping an eye on the exchange rate and engaging in substantive discussions with international financial institutions remains integral to the country's economic strategy.
