ISLAMABAD – The extended delay in the finalisation of a deal with the International Monetary Fund (IMF) continued to take on Pakistani currency which further plummeted by Rs2.44 against the dollar in the interbank market on the first working day of the week.
The local currency was hovering at Rs287 during intra-day trading, and closed at 287.09, with a depreciation of 2.44 or 0.85 percent.
Interbank closing #ExchangeRate for todayhttps://t.co/ubh1tFDBEu pic.twitter.com/bSZt3BFlqk
— SBP (@StateBank_Pak) April 10, 2023
Last week, PKR continued its downward trajectory and lost around 0.3 percent of its value. Rupee remains under pressure in recent times and moved downwards in four of the five sessions.
In a recent development, Finance Minister Ishaq Dar addressed Parliament’s joint session in which he reiterated that a staff-level agreement with US-based lender will be inked in days to come.
Tabling the Money Bill 2023 in the National Assembly, he said that priority to avert a default was of paramount importance to the incumbent government, saying the next step was to establish a pathway to prosperity.
