KARACHI: July 3, 2023: A deal with the International Monetary Fund (IMF) has finally worked for Pakistan as its currency made expected gain of Rs 7 against US currency on the first working day of the week. As a result of IMF-Pakistan deal for $ 3 billion loan, PKR made huge gain in value in open market and USD is seen trading with loss of Rs 7 at Rs 280.00 (buying) and Rs 285.00 (selling) today against its value of Rs 287.00 (buying) and Rs 290.00 (selling) on the last working day of the last fiscal year –June 27, 2023.
Pakistan had gone for Hajj and Eidul Azha holidays from June 28 to July 2, 2023. Meanwhile, Pakistan had managed to clinch a deal with IMF for $ 3 billion loan. IMF deal has put to an end to speculations and uncertainty that haunted Pakistan’s economy and deepened its economic crisis for the last around one year. The stability on economic front has pushed USD to its actual level. There are predictions of considerable gain of the local currency in coming days.
All Pakistan Currency Dealers Association (APCDA) chairman, Malik Bostan Khan, foresees major gain of the rupee in coming days as a result of IMF deal for $ 3 billion. He believes Pakistan’s currency is going to strengthen its position in coming days and it will have positive result on Pakistan’s economy. Malik Bostan Khan calls upon dollar hoarders to offload their stocks to avoid more loss in coming days.
Since July 3 is a public holiday of the banks there are no interbank rates available today. APCDA will release interbank US dollar rates tomorrow once the banks start functioning.
Other major currencies are also showing downward trend today. Saudi Riyal is trading today at Rs 73.50 (buying) and Rs 75.00 (selling) respectively. UAE dirham rates are Rs 75.50 (buying) and Rs 77.00 (selling). Euro is trading at Rs 300.00 (buying) and Rs 305.00 (selling) respectively. UK pound is trading at Rs 350.00 (buying) and Rs 355.00 (selling) respectively. AUD is trading at Rs 189.00 (buying) and Rs 192.00 (selling) respectively. CAD is trading at Rs 217.00 (buying) and Rs 220.00 (selling) Chinese yen is trading at Rs 44.00 (buying) and Rs 46 (selling) respectively.
Afghan Afghani is performing better than Pakistani currency and it should be sign a worry for the policy makers and in particular to the economic team of prime minister, Shahbaz Sharif. Afghanistan is in the war for the last four decades and even if after such a long rather unending war Aghan currency is of three times more value then Pakistani economic wizard need to think of Pakistan’s real problems.
Afghan Afghani is trading at Rs 3.00 (buying) and Rs 3.50 (selling) respectively.
