The dollar turned expensive once more in Karachi's currency markets, reversing the relief seen a day earlier. After closing at 275 rupees and 44 paise in the interbank market, up 10 rupees and 55 paise, the greenback gained another 1 rupee and 97 paise during the day's trading. By the close of business, the interbank rate stood at 277 rupees and 41 paise, while the open market price rose by a rupee to 281 rupees. The swing follows Pakistan's standby agreement with the International Monetary Fund, which had briefly pushed the dollar down. Attention has now shifted to the Fund's Executive Board, scheduled to meet in Washington on July 12, 2023, to approve a three billion dollar short term bailout package and release a one billion dollar first tranche in the days after approval. According to reports, Pakistan has given nine assurances to the IMF through its Letter of Intent, pledging to lift total foreign exchange reserves from the current 4.056 billion dollars, a figure tied to fiscal year 2023, to 7.65 billion dollars by the end of fiscal year 2024 and eventually to 11.7 billion dollars. Finance Minister Ishaq Dar and the State Bank governor have promised the Fund fundamental reforms in the banking and energy sectors to address financial account gaps. Copies of the Letter of Intent have already been circulated to the board's members.
mwrana
October 9, 2026
