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KARACHI: The Pakistani rupee on Monday continued its gaining streak against the US dollar, appreciating 0.19% in the interbank.
As per the State Bank of Pakistan (SBP), the rupee settled at 277.92 against the greenback, an increase of Rs0.54 in the inter-bank market. During the day, the rupee was up 1.26% before losing some steam.
— SBP (@StateBank_Pak) March 6, 2023
During the previous week, the rupee had plummeted 6.63% against the US dollar, settling at 278.46 in the inter-bank market after a massive fall on Thursday saw the currency hit yet another record low before making a partial recovery on Friday.
The markets became uneasy following reports that said the International Monetary Fund (IMF) bailout program was still behind schedule. An increasing disparity between the open and interbank markets as well as significant import payments once more implied artificial control on the part of the authorities.
In a key development on Monday, IMF’s Resident Representative Esther Ruiz Perez said Pakistan will be required to give an assurance that its balance of payments deficit is fully financed for the remaining period of an IMF program.