The State Bank of Pakistan’s (SBP) foreign exchange reserves, which were valued at $11.425 billion at the end of March, gradually decreased to $8.575 billion as of July 22.
This increases the rupee’s overall loss since Imran Khan’s administration was toppled on April 7 to 27.2 percent. The rupee lost 4.8% more of its value against the US dollar in the week ended July 29. Current exchange rate US DOLLAR (USD) to PAKISTANI RUPEE (PKR) including currency converter, buying & selling rate and historical conversion chart. Last week, Army Chief General Qamar Javed Bajwa telephoned US Deputy Secretary of State Wendy Sherman to seek Washington’s support for the package. But the release of a $1.7 billion (seventh and eighth) tranche has been on hold since earlier this year, when the IMF expressed concern about Pakistan’s compliance with the deal. Pakistan and the IMF signed the $6bn bailout accord - Extended Fund Facility (EFF) - in 2019. Market sentiment has also strengthened as a result of reports in some newspapers that the International Monetary Fund (IMF) will likely begin the process of distributing the seventh and eighth tranches of a $6 billion loan package for Pakistan later this week. “Fundamentals are in my favour, but speculation and sentiments also play a role,” he said. 0.004635 United States Dollar 1 PKR 0.004635 USD 1 USD 215.749730313 PKR PKR to USD Chart Pakistani Rupee to United States Dollar 1 PKR 0.004635 USD 01:20 UTC 30 days 60 days 90.
Ismail admitted that the dollar had gotten out of hand after the Punjab by-elections on July 17, but he insisted that he still thought the rupee was worth far more than where it was at the moment. He said the rupee value was improving after a reduction in our import bill which was a welcoming sign. Finance Minister Miftah Ismail earlier in his press conference sounded hopeful believing that pressure on the rupee would be dissipated within two weeks and things would become easy.
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