KARACHI – Despite pledges of economic revival, the Pakistani rupee failed to put up any resistance and depreciated by Rs3.18 against the US dollar in the interbank market on Thursday.
As per the data shared by the central bank, the local currency closed at 282.30 against the US dollar during the intraday trade amid continued delay in the revival of the loan agreement with the International Monetary Fund (IMF).
On Wednesday, PKR closed at 279.12 as the upward trajectory ended after four successive sessions.
The recent fluctuation comes on the heels of further delay as the crisis hit Pakistan is still resolving differences with the IMF to resume the bailout program but an agreement is likely in the next few days.
The government is optimistic to salvage the stalled funds. Finance Minister Ishaq Dar again announced that a staff-level agreement with a US-based lender is expected to be sorted in the days to come.
Dar said it has taken stretched than it should have in his opinion, however, pinned hope on ongoing negotiations.
