The Pakistani rupee experienced a continued decline against the US dollar in the interbank foreign exchange market on Wednesday. At the close of the market’s first trading session of November, the greenback was trading at Rs282.64, marking a significant increase from the previous day’s closing rate of Rs281.47.
Interbank closing #ExchangeRate for todayhttps://t.co/WThGvUMTHS#SBPExchangeRate pic.twitter.com/3mMwVVkQyF
— SBP (@StateBank_Pak) October 31, 2023
Furthermore, in the open market, the foreign currency was trading even higher at Rs283. This depreciation in the value of the rupee has raised concerns among investors and businesses, highlighting the ongoing economic challenges Pakistan is facing.
Despite the currency woes, the Pakistan Stock Exchange exhibited resilience, closing on a positive note. The KSE-100 Index witnessed an impressive gain of 422.36 points or 0.81%, pushing it past the 52,000 mark, closing at 52,342.63. Simultaneously, the KSE-30 Index remained in positive territory, closing with a gain of 121.87 points or 0.69% at 17,903.98.
In the backdrop of these economic developments, it is worth noting that a delegation from the International Monetary Fund (IMF) is scheduled to arrive in Pakistan for discussions regarding the next installment of the loan on Thursday. Pakistan remains optimistic about receiving the next tranche as part of the Staff Level Agreement once these talks are successfully concluded.
To address some of the economic challenges, the government has implemented various measures during the first quarter of the current financial year. These actions include increasing gas and fuel prices, aimed at reducing the circular debt, and surpassing the tax collection target for the same period. As the nation grapples with economic uncertainties, these efforts are indicative of the government’s commitment to stabilizing the financial situation and promoting economic growth.
