USD exchange rates today: Rupee rallies after IMF approval

The currency exchange market saw varied movement on Thursday, with the US Dollar (USD) selling at Rs. 278.25 and being bought at Rs. 277.75 for buying, continuing its strong position in the market.

Meanwhile, the British Pound (GBP) was being sold at Rs. 371.18 with a buying price of Rs. 370.51.

On the other hand, Euro (EUR) is trading at Rs. 310.08 for selling and Rs. 309.52 for buying.

Among other currencies, Canadian Dollar (CAD) trading at Rs. 206.59 for selling and Rs. 206.22 for buying.

Meanwhile, the Australian Dollar (AUD) stands at Rs. 190.45 for selling, and the Swiss Franc (CHF) is quoted at Rs. 327.37 for selling, respectively.

Meanwhile, among the Gulf currencies, The UAE Dirham (AED) is at Rs. 76.29 for selling, while the Saudi Riyal (SAR) is quoted at Rs. 74.18.

The Chinese Yuan (CNY) remains stable at Rs. 40.07 for selling, and the Qatari Riyal (QAR) is listed at Rs. 76.37.

Premium currency such as Kuwaiti dinar continued to hold their higher values.

The Kuwaiti Dinar (KWD), the highest-valued currency, is trading at Rs. 911.56 for selling and Rs. 909.92 for buying.

Yesterday, The International Monetary Fund (IMF) approved a $7 billion bailout package for Pakistan under its Extended Fund Facility (EFF).

This is the 25th IMF programme in Pakistan’s history, aimed at achieving macroeconomic stability, increasing tax revenues, and addressing fiscal risks.

The package requires Pakistan to impose new taxes, reduce subsidies, and transfer key responsibilities like health and education to provincial governments. Key reforms include raising the agricultural income tax to align with federal rates, cutting subsidies on electricity and gas, and controlling provincial budgets.

Despite this, the IMF programme does not fully address Pakistan's external and domestic debt restructuring needs, which remain a significant challenge for the country’s economic sustainability.

On the other hand, The Asian Development Bank warned on Wednesday that the rising political and institutional tensions may make it difficult to implement the reforms that Pakistan has committed to deliver to the IMF. It said that these reforms were crucial to make sure that the external lenders keep lending to Pakistan.