According to the latest update from the National Bank of Pakistan (NBP), the US dollar rose to Rs278.05 as of Monday. This increase highlights the ongoing trend of the Pakistani rupee depreciating against major foreign currencies, with the current buying rate for the dollar pegged at Rs277.55.
In addition to the dollar, other currencies have also shown notable changes. The euro is trading at Rs310.62 for selling and Rs310.06 for buying, reflecting significant demand for the European currency. Similarly, the British pound has seen an increase, currently valued at Rs372.58 for selling and Rs371.91 for buying, indicating a robust exchange rate as investors seek safer havens amidst economic uncertainty.
The Canadian dollar is priced at Rs206.01 for selling and Rs205.64 for buying, while the Australian dollar is listed at Rs193.00 for selling and Rs192.65 for buying. Gulf currencies have also fluctuated, with the UAE dirham at Rs76.29 for selling and Rs76.15 for buying, while the Saudi riyal is priced at Rs74.19 for selling and Rs74.06 for buying.
This increase in foreign currency rates, particularly the US dollar, comes at a time when Pakistan is facing economic challenges, including rising inflation and a decline in foreign reserves. Analysts are keeping a close eye on these exchange rates as the Pakistani rupee struggles to maintain its value.
The situation is further complicated by the recent approval of a $7 billion bailout package by the International Monetary Fund (IMF) under its Extended Fund Facility (EFF). This marks the 25th IMF program in Pakistan’s history and aims to stabilize the economy, increase tax revenues, and address fiscal risks. As part of the agreement, Pakistan is required to implement new taxes, cut subsidies, and transfer responsibilities for health and education to provincial governments, all of which will play a crucial role in the country’s economic recovery.
Overall, the current fluctuations in currency rates reflect the broader economic landscape, underscoring the need for effective fiscal policies and reforms to strengthen the Pakistani rupee and stabilize the economy.
