US dollar hits reverse gear against PKR in interbank trading

ISLAMABAD: The US dollar wilted against Pakistani Rupee and lost a record 18 paisas value on the last business day of the current business week in the interbank market.

The new price of the American currency reached Rs 279.30 in the interbank trading against the Pakistani currency.

On the other hand, PSX 100-index gained 200 points and the benchmark reached 62614 points on Friday.

Earlier, the International Monetary Fund (IMF) has revised its projection for Pakistan’s gross external financing needs for the fiscal year 2023-24.

Stock Market continues to fluctuate, upwards today

In its report titled, “First review under the Stand-By Arrangement,” the IMF now estimates the financing needs at $24.965 billion, equivalent to 7.1 percent of the GDP. This marks a decrease from the initial projection of $28.361 billion, which accounted for 8.1 percent of the GDP.

The IMF report indicates that the Stand-By Arrangement (SBA) program is fully financed, with the reserve position at the end of fiscal year 2024 aligning with program objectives.

The International money lender has delivered over $3 billion in commitments, and an additional $1 billion in multilateral support is expected by the end of 2024. Bilateral support of $0.7 billion has been reaffirmed, though the Islamic Development Bank’s contribution is now anticipated to be lower than the initially pledged $1 billion. – INP