The US dollar wilted against its Pakistani Rupee and lost a record 12 paisas value on the last business day of the current business week in the interbank market.
The new price of the American currency reached Rs279.55 in the interbank trading against the Pakistani currency.
Must Read: PKR holds USD advance in interbank trade
The International Monetary Fund (IMF) has revised down its projection for Pakistan's gross external financing needs for the fiscal year 2023-24.
In its report titled, "First review under the Stand-By Arrangement," the IMF now estimates the financing needs at $24.965 billion, equivalent to 7.1 percent of the GDP. This marks a decrease from the initial projection of $28.361 billion, which accounted for 8.1 percent of the GDP.
The IMF report indicates that the Stand-By Arrangement (SBA) program is fully financed, with the reserve position at the end of fiscal year 2024 aligning with program objectives.
The International money lender has delivered over $3 billion in commitments, and an additional $1 billion in multilateral support is expected by the end of 2023. Bilateral support of $0.7 billion has been reaffirmed, though the Islamic Development Bank's contribution is now anticipated to be lower than the initially pledged $1 billion.
