KARACHI – Pakistani rupee remained stable against the US dollar, during the early hours of trading in the interbank market on the first working day of the week.
During the trading, the local currency hovered around 286.97, with a slight decline of Rs0.04.
Last week, PKR depreciated 0.43 percent in the interbank market while in the open market, the rupee’s fall was slightly higher.
Lately, Fitch Ratings said Pakistan is not expected to further devalue its currency as pressure on the rupee has decreased. “We currently do not expect a large further devaluation of the Pakistan rupee,” Krisjanis Krustins, a Hong Kong-based director at Fitch told Bloomberg as the South Asian country is scrambling to revive the loan deal with the global lender.
“Although the currency has been very stable over the past few months, pressure on the reserves of the State Bank of Pakistan has also been contained, which suggests minimal interventions to support the currency,” the official said.
Pakistan’s ninth review has been pending since November last despite implementing the conditions laid forth by the IMF.
Today s currency exchange rates in Pakistan – Dollar, Euro, Pound, Riyal rates on June 12, 2023
