The Pakistani rupee strengthened towards 204, gaining over 3% from its historic low of 211.5 hit on June 21st, after the government announced to receive not one, but two tranches from the IMF, days after the country struck a $2.3 billion loan facility agreement with a Chinese consortium of banks. Meanwhile, Pakistan received the Memorandum of Economic and Financial Policies from the IMF for the 7th and 8th reviews, which contains details regarding striking a staff-level agreement for disbursement of much needed remaining $3 billion bailout payments from the global lender. The Finance Minister confirmed that Pakistan and IMF agreed on the 2022-2023 budget and fiscal measures, but both parties still need to agree on a set of monetary targets. Meanwhile, the new government removed the price caps on fuel prices to unlock the IMF funding, leading to a 70% surge in fuel prices at the pump in a matter of three weeks.
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 210.14 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 216.69 in 12 months time.