IMF Sees Rupee To Fall To 322 Against Dollar By June 2024

Washington DC January 20 2024: International Monetary Fund predict the Pakistan Rupee for current fiscal year (2024) to close at 322 against dollar in its recently published report agains earlier assumption of 330, based on working of AUGAF.

IMF projected 330 against dollar for fiscal year (2024) back in Jul 2023.

IMF published country report today followed by the completion of first review of Stand-By Arrangement (SBA) of SDR 2,250 million for the period of nine months. The Board’s decision allows for an immediate disbursement of SDR 528 million (around $700 million), bringing total disbursements under the arrangement to SDR 1.422 billion (about $1.9 billion).

On the external front the IMF forecast the current account deficit of USD 5,649 million, (against USD 6,424 million earlier in Jul 2023) during current year which is 1.6 percent percentage of GDP. That said the size of GDP in terms of USD will remain at USD 353,063 million and in Rupee terms the IMF has projected the size of GDP at 106,577 billion turn the average PKR/USD parity to be 302 for this fiscal year. For this average PKR/USD rate Rupee must close the current fiscal year at 322 against Dollar.

IMF also project the average deprecation for next five years at 8 percent to reach at 381 by 2028.

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