The growing disparity between the interbank and open market rates of the US dollar has placed the government in a complex predicament, as the existing Standby Arrangement (SBA) with the International Monetary Fund (IMF) mandates maintaining the differential within a narrow margin of 1.25 percent.
Shockingly, the differential has now ballooned to an alarming 5.6 per cent, significantly exceeding the stipulated limit.
A central stipulation of the recently inked $3 billion SBA, established just last month, revolves around the establishment of a market-determined exchange rate.
Highlighting the urgency of consistent policy implementation, the IMF emphasized that Pakistan must confront its ongoing challenges by exercising greater fiscal discipline, adopting a market-determined exchange rate mechanism capable of absorbing external pressures, and making sustained headway on crucial reforms.
USD to PKR Rate Today
Presently, the exchange rate set by the State Bank of Pakistan stands at PKR 301.50 for 1 USD in the interbank market. However, distinct variations exist between the buying and selling rates of the US Dollar to the Pakistani Rupee within the interbank system and the open currency exchange market. Notably, the Pakistani Rupee has witnessed a marginal decline of PKR 0.80 or 0.265% vis-à-vis the US Dollar within the interbank trading sphere.
USD to PKR Interbank Rates History
| DATE | BUYING | SELLING |
|---|---|---|
| Today | 301 | 301.50 |
| 30 Aug, 23 | 301.00 | 301.50 |
| 29 Aug, 23 | 301.90 | 302.30 |
| 28 Aug, 23 | 300.50 | 301.00 |
| 27 Aug, 23 | 300.50 | 301.00 |
| 26 Aug, 23 | 300.50 | 301.00 |
| 25 Aug, 23 | 299.72 | 300.22 |
| 24 Aug, 23 | 299.14 | 299.64 |
| 23 Aug, 23 | 298.51 | 299.01 |
| 22 Aug, 23 | 296.63 | 297.13 |
| 21 Aug, 23 | 295.60 | 296.00 |
Recent statistical data further illustrates the fluctuating nature of the USD to PKR conversion:
USD To PKR Stats
- Last 30 Days:
- High: 302.3 PKR
- Low: 286.45 PKR
- Average: 292.74 PKR
- Last 90 Days:
- High: 302.3 PKR
- Low: 276.46 PKR
- Average: 287.18 PKR
As the government grapples with the widening disparity between interbank and open market rates, it faces a daunting challenge in aligning with the IMF’s stringent requirements while ensuring economic stability and growth for Pakistan’s future. The delicate balancing act between these factors will likely determine the country’s financial trajectory in the coming months.
 with the International Monetary Fund (IMF) mandates maintaining the differential within a narrow margin of 1.25 per cent.){kind=link}