The Pakistani rupee remained steady against the US dollar in the early hours of trading on the interbank market’s first working day of the week. The local currency hovered around 286.97, experiencing a slight decline of Rs0.04.
Last week, the Pakistani rupee witnessed a depreciation of 0.43 percent in the interbank market, with a slightly higher fall in the open market.
Addressing the concerns surrounding the rupee, Fitch Ratings stated that Pakistan is not expected to devalue its currency further as the pressure on the rupee has diminished. Krisjanis Krustins, a director at Fitch based in Hong Kong, mentioned that they do not anticipate a significant devaluation of the Pakistan rupee.
He further explained that while the currency has shown stability in recent months, the pressure on the reserves of the State Bank of Pakistan has been effectively managed, indicating minimal interventions to support the currency.
Despite Pakistan fulfilling the conditions set by the International Monetary Fund (IMF), the country’s ninth review has been pending since November. The Pakistani government is actively working to revive the loan deal with the global lender.
