Follow Us on Google News
KARACHI: The Pakistani rupee on Tuesday continued its downward trajectory against the US dollar for the third consecutive session, depreciating 0.13% in the interbank market.
At close, the currency settled at 286.56, a decline of Rs0.37, as per the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/AQSIQoQx99#SBPExchangeRate pic.twitter.com/enDfxpQlXB
— SBP (@StateBank_Pak) June 6, 2023
In the open-market, however, the rupee clawed back some gains as multiple currency dealers Business Recorder reached out to quoted rates in the range of 302-307 on Tuesday evening.
The dealers, however, informed that the US dollars remain in short supply.
On Monday, the rupee had registered losses for the second straight session to settle at 286.19, or 0.18% down against the US dollar in the inter-bank.
Meanwhile, Pakistan is now hopeful of inking a deal with the IMF before they unveil the budget on June 9 (Friday), said the Ministry of Finance in an emailed response to questions from Bloomberg.
Pakistan has lined up $4 billion in external financing and hopes to obtain a deal with the lender before it unveils its budget on Friday, the Ministry of Finance in Islamabad was quoted as saying in the report.
Islamabad is now in chase of securing the remaining $2 billion in external funding gap out of a $6-billion target to revive the stalled bailout, added the Bloomberg report on Tuesday.