The dollar depreciated by seven paisa against the rupee in the interbank market, trading at Rs278.50 during Monday’s intraday session.
Experts attribute this stabilization of exchange rates in Pakistan to the crackdown on hoarders and illegal exchange companies.
The International Monetary Fund (IMF) agreement has also played a pivotal role in this improvement, as it has boosted market sentiment.
In September, the IMF’s Executive Board approved a new $7 billion, 37-month loan program for Pakistan, which emphasized “sound policies and reforms” to strengthen macroeconomic stability. This approval included an immediate $1 billion disbursement to Islamabad.
Since 1958, Pakistan has undergone 22 IMF bailout programs, reflecting its ongoing economic challenges.
