The Pakistani rupee strengthened towards 207 per USD, bouncing back sharply from its record low of 211 hit on June 22nd after the country signed a USD 2.3 billion loan facility agreement with a Chinese consortium of banks, giving a boost to the South-east nation's falling foreign exchange reserves. Meanwhile, Pakistan expects the IMF to increase the size and duration of the USD 6 billion program as both progressed slightly in striking a consensus on 2022-23 budget measures. Still, the rupee has plunged over 16% so far this year as the South East Asian grapples with worsening economic conditions, including high import bills, widening current account deficit coupled with Moody’s lower ratings. Recently, the Planning Minister urged citizens to reduce their daily tea consumption, after the government banned imports of all non-essential luxury goods in May. .
Historically, the Pakistan Rupee reached an all time high of 211.50 in June of 2022. Pakistan Rupee - data, forecasts, historical chart - was last updated on June of 2022.
The Pakistan Rupee is expected to trade at 210.61 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 217.05 in 12 months time.