Islamabad, Oct 2: Pakistani rupee thrashes US dollar in interbank trade
The value of the US dollar against the Pakistani rupee declined slightly on Wednesday, dropping by nine paisas to settle at Rs277.60 in interbank trading.
Key Economic Developments:
- Dollar-Rupee Exchange Rate:
- The US dollar decreased by nine paisas, settling at Rs277.60 against the Pakistani rupee.
- IMF Optimism:
- International Monetary Fund (IMF) Managing Director Kristalina Georgieva expressed optimism about Pakistan’s economic direction, citing the successful implementation of the $7 billion IMF loan program.
- Georgieva acknowledged Pakistan’s efforts in tax collection from the wealthy and providing support to the most vulnerable segments of society.
- Economic Progress:
- She highlighted key positive trends, including rising economic growth, falling inflation, and overall economic improvement.
- Georgieva emphasized that the government’s reforms are critical to sustaining economic stability and ensuring long-term growth.
This positive outlook from the IMF provides a hopeful narrative for Pakistan’s economic recovery.
The strengthening of the Pakistani rupee can be attributed to various factors, including improved economic indicators, favorable trade balances, and strategic government interventions. Recent data has indicated an increase in remittances, which have played a pivotal role in bolstering the rupee.
With overseas Pakistanis sending more money back home, the influx of foreign currency has provided much-needed support to the local economy.
Furthermore, the government has been actively working to stabilize the currency market. Initiatives such as promoting exports and managing imports effectively have contributed to the rupee’s resurgence. .
