ISLAMABAD – Pakistani rupee failed to stand against the US dollar on the first working day after shedding Rs0.39 in the interbank market amid IMF uncertainty.
During the inter-bank trading, the local currency was unable to maintain its momentum against the greenback and slid further by 0.13 percent as trading started after four days.
Data shared by the central bank showed that the Pakistani rupee settled at 283.58, with a loss of Re0.38. With the latest blow, the currency of the South Asian nation lost over 20 percent of its value against the USD in the calendar year.
Last week, the local currency lost 0.53 percent against the greenback to settle at 283.2. Experts hinted that investors’ confidence is dented amid unexceptional delay in International Monetary Fund (IMF) program.
Meanwhile, the government is making all-out efforts to salvage IMF’s Extended Fund Facility (EFF) of over $1 billion. Despite tough times, Finance Minister Ishaq Dar remained positive and said that friendly countries were expected to materialise their pledges with Islamabad that would help us unlock the much-needed funds.