Washington DC July 19 2023: International Monetary Fund predict Pakistan Rupee to close the current fiscal year (2024) at parity of 330 against dollar in its recently published report based on working of AUGAF.
IMF published country report yesterday followed by the board approval for SDR 2,250 million for the period of six months and immediately released SDR 894 million (~US Dollar 1,200 million).
IMF states that a market-determined exchange rate is also critical to absorbing external shocks, reducing external imbalances, and restoring growth, competitiveness, and buffers.
also check : Bank of America Sees Pakistan Rupee to Devalue to 340, Recession as Viable Option for Recovery
IMF suggest that the premium between open market and interbank should remain in the range of +/- 1.25% which is ~PKR 3.6 at current rate.
On the external front the IMF forecast the current account deficit of USD 6,424 million during next year which is 1.8 percent percentage of GDP. That said the size of GDP in terms of USD will remain at USD 357 billion and in Rupee terms the IMF has projected the size of GDP at 109 trillion turn the average PKR/USD parity to be 305 for this fiscal year. For this average PKR/USD rate Rupee must close the current fiscal year at 330 against Dollar.
IMF also project the average deprecation for next five years at 7 percent to reach at 382 by 2028.
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