Ishaq Dar rejects default rumours amid record rupee depreciation

07:14 PM | 2 Mar, 2023
Ishaq Dar rejects default rumours amid record rupee depreciation
Source: File Photo

ISLAMABAD – Finance Minister Ishaq Dar on Thursday rubbished the malicious rumours about Pakistan's possible default.

In a series of tweets, he said these rumours were not only completely false but also belied the facts. The minister said forex reserves held by the State Bank of Pakistan had increasing and were almost $1billion higher than four weeks ago despite making all external due payments on time.

He said foreign commercial banks have started extending facilities to Pakistan. Ishaq Dar said the negotiations with IMF were about to conclude and “we expect to sign Staff Level Agreement with IMF by next week”. The minister said all economic indicators are slowly moving in the right direction.

His statement comes as the Pakistani rupee slumped to all-time low against the US dollar. The local currency lost 6.66% against the US dollar in the interbank market, settling at 285.09 as compared to yesterday’s Rs266.11.


Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 23 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 23, 2024 (Friday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.45 for selling.

Euro comes down to 301 for buying and 304 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 75.95 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 23 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 279.5 282.45
Euro EUR 301 304
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 75.95 76.7
Saudi Riyal SAR 74.25 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.60 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal ‎QAR 76.76 77.43
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.87
Thai Bhat THB 7.79 7.94


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