The Pakistani rupee slightly strengthened against the US dollar, marking an 8 paisa decline in interbank trading on Friday. This development hints at an optimistic trend for the currency.
The US dollar decreased 8 paisas, opening at Rs279.30 in the interbank market on the trading week’s final day.
By Thursday’s end, the rupee had stabilized at Rs279.38, having decreased by six paisas against the dollar, as the State Bank of Pakistan (SBP) reported.
Meanwhile, in the open market, the dollar was exchanged at Rs282.
In its recent assessment, Moody’s noted the political instability in Pakistan due to inconclusive election outcomes, describing this as detrimental to credit. It also expressed concerns over Pakistan’s prospects of securing a new agreement with the IMF swiftly after the current one concludes in April 2024.
