The Pakistani Rupee (PKR) showcased a modest yet notable performance against the U.S. Dollar (USD) this week. Investors and market watchers observed a slight appreciation in the PKR, which gained around 17 paisa, settling at PKR 279.19 per USD. This marked a positive shift from the previous week’s closure at PKR 279.36 per USD, indicating a resilient stance amidst fluctuating market conditions. A day earlier!
The backdrop of these currency fluctuations is the recent general elections held on February 8th. The anticipation and outcomes of these elections have introduced a layer of uncertainty, impacting the PKR’s otherwise stable trajectory against the USD. Despite these challenges, the PKR managed to close the week on a positive note, showcasing the underlying resilience of Pakistan’s economy.
PKR INTERBANK EXCHANGE RATES ON MARCH 01, 2024
| Country Name | Symbol | Rate |
|---|---|---|
| United States | USD | 279.1932 |
| Eurozone | EUR | 302.0592 |
| United Kingdom | GBP | 352.8723 |
| Japan | JPY | 1.8543 |
| United Arab Emirates | AED | 76.0144 |
| Saudi Arabia | SAR | 74.4456 |
| Australia | AUD | 181.4756 |
| Canada | CAD | 205.4855 |
IMF’S ROLE IN PAKISTAN’S ECONOMIC STABILITY
The International Monetary Fund (IMF) has been closely monitoring Pakistan’s economic situation and has expressed a willingness to collaborate with the new government to ensure macroeconomic stability. The Fund has commended the caretaker government’s efforts in adhering to fiscal targets and maintaining economic stability, while also highlighting the importance of safeguarding the social safety net. This external support and acknowledgment play a crucial role in shaping Pakistan’s economic policies and its currency’s performance on the global stage.
