The currency exchange market saw varied movement on Thursday. The US Dollar (USD) remained strong, selling at Rs. 278.25 and being bought at Rs. 277.75.
The British Pound (GBP) was selling at Rs. 371.18, with a buying price of Rs. 370.51. The Euro (EUR) traded at Rs. 310.08 for selling and Rs. 309.52 for buying.
Among other currencies, the Canadian Dollar (CAD) was quoted at Rs. 206.59 for selling and Rs. 206.22 for buying. The Australian Dollar (AUD) stood at Rs. 190.45 for selling, while the Swiss Franc (CHF) was at Rs. 327.37 for selling.
Read More:Today’s Currency Rates in Pakistan: Dollar, Euro, Pound, Dirham
In Gulf currencies, the UAE Dirham (AED) sold for Rs. 76.29, and the Saudi Riyal (SAR) was at Rs. 74.18. The Chinese Yuan (CNY) remained stable at Rs. 40.07 for selling, while the Qatari Riyal (QAR) was quoted at Rs. 76.37.
Premium currencies like the Kuwaiti Dinar (KWD), the highest-valued currency, held their value. The KWD traded at Rs. 911.56 for selling and Rs. 909.92 for buying.
Meanwhile, the International Monetary Fund (IMF) approved a $7 billion bailout package for Pakistan under its Extended Fund Facility (EFF). This marks Pakistan’s 25th IMF program, aimed at improving macroeconomic stability, boosting tax revenues, and addressing fiscal risks. The reforms include raising agricultural income tax, cutting subsidies on electricity and gas, and controlling provincial budgets.
Despite these efforts, the IMF program does not fully tackle Pakistan’s external and domestic debt restructuring needs, which remain a critical issue for the country’s economic stability.
The Asian Development Bank (ADB) also issued a warning, highlighting that rising political and institutional tensions in Pakistan may hinder the implementation of the reforms agreed upon with the IMF. The ADB stressed that these reforms are essential to ensure continued external lending to Pakistan.
