- Rupee: 290-310 rupees against the dollar: Survey.
- Opinion polls say the local currency is unlikely to depreciate significantly.
- Pakistan is seeking a “long-term” IMF bailout program.
KARACHI: The rupee is likely to remain stable in the coming months on the prospect of a new agreement with the International Monetary Fund (IMF) on a new relief program expected in June. news It was reported on Sunday.
The local currency is currently trading at $278 against the dollar, but is likely to remain between $290 and $301 against the greenback.
The poll conducted by Topline Research includes the opinions of a variety of market participants on macroeconomic and market variables, and shows a more bullish view on the stock market compared to a poll conducted a few months ago. is reflected.
The brokerage stressed that no significant depreciation of the rupee is expected, with 49% of poll respondents expecting the local currency to remain in the range of $290-310 against the dollar by the end of this year. He said that When asked to comment on rupee-dollar parity through June 2024, 38% believed this to be true three months ago.
Meanwhile, as of December 2023, 2% of respondents expected the local currency to be in the same range by June this year, while 23% now expect the rupee to be in the same range against the dollar. We believe that there is a high possibility that it will be traded between
Although there are no formal discussions yet on a new IMF arrangement, Finance Minister Muhammad Aurangzeb said Islamabad plans to reach a staff-level agreement with the Washington-based financial institution on a new rescue package by the end of the year. He said that there is. He stressed that the details of the new agreement will be discussed at the spring session.
The finance minister said he planned to lead a Pakistani delegation to the US capital around mid-April, adding that so far the IMF has announced that the IMF has “larger and longer-term programmes” and “very We welcome it.”
“We are likely to receive new financing from the IMF within the next few days, but we need another program,” he said, speaking at a session of the Supreme Committee of the Special Investment Facilitation Council (SIFC), which includes military and civilian members. It will be,” he said. leadership.
His remarks came after Islamabad and Washington-based lenders last week struck a staff-level agreement for a second and final review under the $3 billion standby agreement, paving the way for the release of the final tranche. It was held inside.
However, the publication cited reports that the fund’s board has not yet set a date for completing the second round of review and considering the release of the $1.1 billion third tranche, and that in fact it will not be disbursed by the final states that it plans to approve it. In April.
