Pakistan has adopted austerity measures to win approval from the IMF to resume its stalled bailout package as frontier nations from Egypt to El Salvador battle the threat of a default.įitch Ratings and Moody’s Investor Service said in late July they expect the nation to secure $1.2 billion from the IMF, while Saudi Arabia is said to renew its $3 billion deposit in assistance, easing financing pressure on Pakistan.Īfter completing a slew of difficult prior actions, Pakistan finally received staff-level approval to resume and extend its IMF program, which should pave the way for board approval barring any policy mistakes,” said Patrick Curran, a senior economist at London-based research firm Tellimer Ltd. eur / usd: 1.00401 gbp / eur: 1.17810 usd / jpy: 136.902 gbp / usd: 1.18282 usd / chf: 0.958977 usd / cad: 1.29926 eur / jpy: 137.451 aud / usd: 0.
The benchmark stock index climbed 9%, the top performer in Asia after Sri Lanka. The rupee surged 11% this month to 213.87 per dollar as of Monday, the biggest gainer in the world. Pakistan’s rupee, bonds, and stocks have rallied as investors bet the nation will win a bailout from the IMF this month and avoid a default.ĭollar bonds due in December were indicated at about 95 cents on the dollar on Tuesday from a low of 85 cents in July, as investors turn more confident the debt will be repaid. The development comes after Finance Minister Miftah Ismail confirmed Wednesday that the government has sent the letter of intent (LoI) back to the International Monetary Fund (IMF) following the fulfilment of the pre-requisites, paving the way for the executive board's meeting. of the currency highly influences the open market rates in Pakistan. However, we believe that rupee is expected to remain strong in the near term." 23 Aug, 2022 - Dollar Rate in Pakistan Today is PKR in Pakistani Currency Exchange. "There would most likely be some higher dollar demand and repayments due to which currency has depreciated. IMF to take up Pakistan's request to release $1.17bn tranche on August 29: Miftah IsmailĪrif Habib Limited Head of Research Tahir Abbas said that after gaining 11.6% during last 11 trading session, rupee was depreciated by 0.46% today.Rupee maintains upward trend, closes at 213.90.