Karachi September 27 2023: Pakistan Rupee continue to rally against Dollar for the consecutive 16 trading session as authorities trying to restrict trading of dollars through informal channels.
Pakistan Rupee gains PKR 1.02 or 0.3 percent in interbank to trade at PKR 288.78 (PST 10:30) against yesterday closing of PKR 289.8. Over the period since it hit a low of PKR 306.98 on September 6, 2023, the Rupee has seen an impressive gain of PKR 18.2, representing a remarkable 6.3 percent increase.
With the backing of a stimulus from the International Monetary Fund (IMF), Pakistan’s foreign financing inflows in the initial two months of the current fiscal year (July-August) surged to $5.41 billion, a remarkable increase from the $439 million recorded during the same period the previous year.
According to the Economic Affairs Division (EAD) in its monthly report on Foreign Economic Assistance (FEA), the total FEA for July and August reached $3.2 billion, marking a substantial 630 percent rise compared to the $439 million received during the corresponding period in the previous year.
In August, the total inflow was $316 million, while the majority of assistance, totaling $2.89 billion, was received in July.
According to Dawn, the figures provided by Economic Affairs Division do not include the $1.2 billion disbursed by the IMF on July 13 as the initial tranche of the $3 billion Standby Arrangement, nor the separate $1 billion from the UAE, which is accounted for separately by the State Bank of Pakistan.
