Rupee stays resilient despite challenges

Despite being surrounded by political and economic uncertainties, the local currency remained stronger against the US dollar in the interbank market. The exchange rate, which has been a serious cause of concern for the government as well as stakeholders in the economy, remained stable for over two months. The State Bank of Pakistan reported the dollar rate at Rs279.34 in the interbank market from Rs279.42 the previous day, with PKR appreciating by eight paise on Wednesday. While currency dealers stated that the exchange rate is being managed to some extent, no objection from the International Monetary Fund (IMF) was heard. The IMF had been critical of the managed exchange rate, and it was one of the main objections raised by the donor agency before signing the $3 billion Stand-By Arrangement (SBA) in July 2023.