Interbank closing: rupee loses 3 paisa against dollar

WEB DESK: In the latest developments in the financial landscape, the Pakistani rupee (PKR) demonstrated relative stability against the US dollar (USD) this week but faced persistent fluctuations, settling at PKR 279.36 per USD in today’s trading session—mirroring the previous week’s closing figures.

During today’s session, the domestic currency experienced a marginal depreciation of 3.42 paisa.

The intraday high (bid) reached 280, while the low (ask) hovered at 279.75 against the USD. In the open market, exchange companies quoted the dollar at 279.59 for buying and 282.16 for selling.

This week’s notable market dynamics come after a prolonged period of stability, marking a departure from the recent norm.

Analysts attribute the renewed pressure on the PKR to the political unrest that has been unfolding in the nation since the elections of February 2008.

Despite a degree of clarity introduced by major political parties’ consensus to form a coalition government, uncertainty lingers in the economic landscape.

The International Monetary Fund (IMF) added its perspective on Thursday, expressing eagerness to collaborate with the new government on policies aimed at ensuring macroeconomic stability.

Acknowledging the caretaker government of Pakistan, the IMF commended their efforts in maintaining economic stability through strict adherence to fiscal targets while concurrently safeguarding the social safety net.

These developments indicate a delicate balance between political changes and economic stability, with market participants keenly observing the evolving situation.

As the nation navigates through this period of transition, the collaboration between the government and international financial institutions remains a focal point for sustaining economic resilience.

Read next: Profit rates reduced for National Savings Schemes