Pakistani currency

KARACHI, Pakistan, Jan 27 (Reuters) - The Pakistani rupee's two-day decline slowed on Friday on news that an IMF team was visiting Islamabad next week to discuss unlocking a suspended bailout package, though the currency still closed at a record low against the U.S. dollar. The rupee closed at 262.6 per dollar in the interbank market, down 2.7%, on Friday, after a 9.61% slump on Thursday, which was its the biggest single-day dip, according to the central bank. The rupee has been dropping to adjust to a market based exchange rate after an artificial Left with only $3.68 billion in foreign exchange reserves, Pakistan barely has enough to cover three weeks of imports, and desperately needs the IMF to release the next $1 billion tranche of its bailout programme to head off a potential default. The IMF said on Thursday that "An agreement with the IMF, God willing, will be done... We will soon be out of difficult times," Sharif said at an event in Islamabad. A $6 billion IMF package was agreed in 2019, and topped up to $7 billion after last year's devastating floods, but disbursements were suspended in November due to the government's failure to do more to reduce its fiscal deficit. The IMF wants the government to commit to more substantial Former finance minister Miftah Ismail told Geo TV that the unlocked funding from the IMF would help head off the risk of Pakistan defaulting on its external obligations. This week's plunge in the rupee's value will pile pressure onto Pakistan...

Pakistan rupee plummets to record low. What happens next in the crisis-hit nation? Pakistan's currency tumbled to a record low of Rs 255.43 against the dollar, as the country battles a shortage of foreign exchange reserves and a food crisis. The authorities hope that the decline in the rupee will win approval from the International Monetary Fund for much-needed financial aid Pakistan, it seems, is freefalling. As the Shehbaz Sharif-led country grapples with skyrocketing food prices and hours-long blackouts, the nation’s currency tumbled to a record low on Thursday. Pakistan’s rupee plummeted to a record low of Rs 255.43 against the dollar in the interbank market on Thursday — a slip of 9.61 per cent, the biggest one-day drop in over two decades. It was the largest single-day decline in both absolute and percentage terms since the introduction of the new exchange rate system in 1999, Ismail Iqbal Securities’ Head of Research Fahad Rauf was quoted as saying by Dawn newspaper. Pakistan's target of 3.5% GDP in 2023-24 fiscal year realistic: Finance Minister Isaq Dar New Pakistan budget will do little to allay IMF concerns: Experts But what exactly is happening in Pakistan? What led to such a slide of the Pakistan rupee? What comes next for the crisis-hit nation? We try to give you the answers. The currency slide The When the country was struggling economically back in 2019, then Pakistan prime minister Imran Khan had brokered a multi-billion dollar package from the IMF. Howeve...

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Month Open Low-High Close Mo,% Total,% 2023 Jun 285.2 284.6-293.5 289.2 1.4% 1.4% Jul 289.2 286.9-295.7 291.3 0.7% 2.1% Aug 291.3 288.5-297.3 292.9 0.5% 2.7% Sep 292.9 288.5-297.3 292.9 0.0% 2.7% Oct 292.9 292.9-306.2 301.7 3.0% 5.8% Nov 301.7 288.6-301.7 293.0 -2.9% 2.7% Dec 293.0 293.0-306.3 301.8 3.0% 5.8% 2024 Jan 301.8 300.6-309.8 305.2 1.1% 7.0% Feb 305.2 305.2-314.8 310.1 1.6% 8.7% Mar 310.1 296.3-310.1 300.8 -3.0% 5.5% Apr 300.8 300.8-314.4 309.8 3.0% 8.6% May 309.8 296.0-309.8 300.5 -3.0% 5.4% Jun 300.5 300.5-314.1 309.5 3.0% 8.5% Jul 309.5 307.5-316.9 312.2 0.9% 9.5% Aug 312.2 312.2-326.4 321.6 3.0% 12.8% Sep 321.6 320.9-330.7 325.8 1.3% 14.2% Oct 325.8 325.8-340.6 335.6 3.0% 17.7% Nov 335.6 331.9-342.1 337.0 0.4% 18.2% Dec 337.0 332.3-342.5 337.4 0.1% 18.3% 2025 Jan 337.4 332.9-343.1 338.0 0.2% 18.5% Feb 338.0 338.0-351.9 346.7 2.6% 21.6% Mar 346.7 343.7-354.1 348.9 0.6% 22.3% Apr 348.9 348.9-363.5 358.1 2.6% 25.6% May 358.1 358.1-372.2 366.7 2.4% 28.6% Jun 366.7 366.7-382.5 376.8 2.8% 32.1% Month Open Low-High Close Mo,% Total,% 2025 Continuation Jul 376.8 376.8-391.9 386.1 2.5% 35.4% Aug 386.1 381.7-393.3 387.5 0.4% 35.9% Sep 387.5 378.3-389.9 384.1 -0.9% 34.7% Oct 384.1 370.2-384.1 375.8 -2.2% 31.8% Nov 375.8 366.3-377.5 371.9 -1.0% 30.4% Dec 371.9 365.9-377.1 371.5 -0.1% 30.3% 2026 Jan 371.5 368.0-379.2 373.6 0.6% 31.0% Feb 373.6 365.7-376.9 371.3 -0.6% 30.2% Mar 371.3 354.8-371.3 360.2 -3.0% 26.3% Apr 360.2 353.4-364.2 358.8 -0.4% 25.8% May 358.8 351.0-361....

Are you thinking about sending money to Pakistan? If so, you may be wondering about the history of the currency of Pakistan. What are the currency denominations? How strong is it? The evolution of Pakistan’s currency is an interesting topic including Pakistan's political and economic history. Over the last eighty years there have been a lot of currency developments in Pakistan. In this blog, we’ll explore the fascinating history of the Pakistani rupee, it’s exchange rates with some of the major currencies and how you can send money to Pakistan. • The currency of Pakistan • How is the Pakistani rupee recognised? • The history of the Pakistani rupee • Exchange rates • Pakistan’s economy • How do I send money to Pakistan? The currency of Pakistan The currency of Pakistan is the Pakistani rupee. The currency has been vital for the country's economic growth in the latter half of the twentieth century and in particular in the last twenty years. The currency is controlled and managed by the State Bank of Pakistan, the central financial institution in the country. The Pakistan currency name, the rupee, is the same as the name for the Indian currency. The word Rupee is derived from the ancient How is the Pakistani rupee recognised? You might already know that the Pakistani rupee is recognised around the world by the code PKR. The sign for the Pakistani rupee is ₨. It is one of the major currencies in the region and is generally considered a stable global currency. In fact the Pakis...