The Pakistani rupee continued to strengthen against the US dollar, increasing by 0.37% in the interbank market on Wednesday. This marks the rupee’s 21st consecutive gain against the dollar. According to the State Bank of Pakistan (SBP), the rupee settled at 283.62 after rising by Rs1.06. Yesterday, the rupee had appreciated by 0.37% to settle at 284.68. In important news, the Ministry of Finance has asked all ministries to fulfill their commitments to the International Monetary Fund (IMF) as the first review under the Standby Arrangement (SBA) approaches. Finance Secretary Imdadullah Bosal has written letters to the concerned ministries, reminding them of their pledges and urging compliance. The IMF’s first review under SBA is scheduled for November 2023. Globally, the US dollar eased and US Treasury yields moderated after mixed US economic data. This led investors to lessen expectations of the Federal Reserve raising interest rates again this year. The dollar index, which tracks the dollar against other currencies, held near its previous levels. Longer-term US Treasury yields declined from their 16-year highs. Meanwhile, oil prices remained steady due to uncertain demand, despite OPEC+ maintaining oil output cuts to limit supply.

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