KARACHI: Pakistani rupee gradually entered the stabilisation phase as it maintained an uptrend in the inter-bank market for the 28th successive session on Monday – 16th October 2023. On Monday, the PKR gained somewhere less than Rs1 against the US dollar. State Bank of Pakistan (SBP) indicated that in the past 28 working days cumulatively gained around 11 per cent (Rs30.27). On September 5th, 2023, local currency dipped to the record low of Rs307.10/$.
The Exchange Companies Association of Pakistan stated that PKR regained 18.41 per cent (Rs51) over the past one month in retail market. In the open market, it closed at an unchanged rate of Rs277/$. The appreciation in Ruppee pulled down the local gold pricing to Rs200,100 per tola (11.66 grams) – a decline of Rs1,900.
The positive gain in Pakistani rupee also occurred after news of cash inflow from different financial institutions. Finance Minister Shamshad Akhtar and high officials of the United Arab Emirates met to discuss financing and investment opportunities from the Gulf. Meanwhile, World Bank and the Asian Infrastructure Investment Bank announced $600 million for Pakistan under the RISE-II economic stabilisation programme.
Ministry of Finance also informed that a $400 million financing would be attained from World Bank for flood relief. Earlier, there were rumours that the World Bank had stepped back from its commitment to investment.