PKR slips by 0.06pc to 278.12 against USD

Pakistani rupee lost ground against the US dollar in the inter-bank market at the start of the week with a depreciation of 18 paisas.
According to data released by the State Bank, the rupee lost around 0.06 percent in value against the dollar over the previous session’s closing value. The data showed that the rupee lost Rs0.18 in value, slipping from 277.94 from last Tuesday’s close to end at Rs278.12 on Monday.
Overall, the rupee has improved by Rs10.17 against the greenback during the current fiscal year 2023-24. The local unit improved by Rs1.16 in March, Rs0.39 in February, Rs2.36 in January and Rs3.31 in December, while it shed Rs3.69 against the US dollar in November after gaining Rs6.26 (+2.23 percent) in the month of October.
Meanwhile, the local unit in the open market was quoted at 278 for buying and 280 for selling, according to data provided by different exchange companies. The rupee surged against the greenback by Re1 in March and February, Rs2 in January and Rs3.50 in December.
Earlier, the SBP said on Saturday the country successfully executed the repayment of $1 billion Pakistan’s International Bond on April 12, 2024. The payment, which included principal plus interest, was made to the agent bank for onward distribution to the bond holders, the SBP added.
Pakistan’s foreign exchange reserves position has somewhat stabilized in recent weeks, with reserves held by the SBP having increased by $19 million on a weekly basis, clocking in at $8.04 billion as of March 29, as per the latest data. Total liquid foreign reserves held by the country stood at $13.38 billion. Net foreign reserves held by commercial banks stood at $5.34 billion. With this payment, the SBP-held reserves will fall to around $7 billion, but Pakistan then expects an inflow from the International Monetary Fund (IMF).
Last month, Pakistani authorities reached a staff-level agreement on the second and final review of the $3 billion Stand-By Arrangement (SBA). The IMF Executive Board is expected to meet “in late April” where approval would pave the way for Pakistan to receive funds of around $1.1 billion (SDR 828 million) as its final tranche of the SBA.