KARACHI: The Pakistani rupee on Monday snapped the gaining streak against the US dollar, depreciating 0.13% in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee settled at 283.58, a loss of Rs0.38. With the latest decline, the rupee has lost over 20.2% of its value against the greenback during this calendar year.
Interbank closing #ExchangeRate for todayhttps://t.co/I0ForgAcnb pic.twitter.com/YioE18lweX
— SBP (@StateBank_Pak) March 27, 2023
The rupee had fallen 0.53% versus the US dollar over the previous week, when the interbank market was only open for three days, and it ended up at 283.2. After a large decrease on Monday, the rupee had two days of appreciation on Tuesday and Wednesday, which limited losses but did not address the basic causes of the currency’s lower position.
The market is still concerned about a stalled program with the International Monetary Fund (IMF) together with reports that the staff-level agreement was still a bit further away.
Islamabad is making efforts to resume the IMF’s Extended Fund Facility (EFF) of over $1 billion. The release of loan from the IMF will unlock further inflows from other international creditors.
