The Pakistani rupee stayed relatively stable against the US dollar on Monday, dropping 0.02% in the early hours of interbank trading.
Around 11:30 a.m., the rupee was trading at 287.25, down Re0.06.
On Friday, the rupee was mostly flat in the interbank market, losing 0.08% to close at 287.19.
Pakistan also claimed to receive $1 billion from China after repaying the amount before, amid mounting concerns over the country’s financial commitments.
Last week, there was a lot of activity on the International Monetary Fund (IMF) front, with the lender initially expressing dissatisfaction with Finance Minister Ishaq Dar’s budget recommendations. It was followed by a tit-for-tat response from the Finance Division, which attempted to justify its actions. However, it also declared unequivocally that it hopes to seek an amicable conclusion and complete “at least the ninth review.”
Oil prices fell more than $1 on Monday, reversing last week’s gains, as concerns about China’s economy overshadowed OPEC+ output limits and the seventh straight reduction in the number of oil and gas rigs operating in the United States.
According to experts, reviving the IMF project would provide some assistance but would still fall short of Pakistan’s massive needs.
Internationally, the US dollar was hesitant on Monday as investors assessed the monetary policy route ahead following a flurry of central bank meetings last week, while the yen was vulnerable as the Bank of Japan maintained its ultra-easy stance.
In an action-packed week of central bank decisions, the Federal Reserve held interest rates unchanged on Wednesday but suggested that further hikes to manage inflation were on the way.
The dollar index, which compares the US currency to six major rivals, climbed 0.049% to 102.33, remaining close to a one-month low of 102 reached on Friday.
