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KARACHI: The Pakistani rupee on Friday registered marginal losses against the US dollar, depreciating 0.11% in the interbank market, however, the US dollar regained some of its lost ground against the Pakistani rupee in the open market, as the shortage of foreign currency continued to keep the PKR under pressure.
At close, the currency settled at 285.68, a decline of Rs0.30, as per the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/NjFI6c4g1x#SBPExchangeRate pic.twitter.com/MgooqBVYc6
— SBP (@StateBank_Pak) June 2, 2023
On Thursday, the rupee registered marginal improvement to settle at 285.38, or 0.09% up against the US dollar in the inter-bank.
In a key development, Minister of State for Finance, Aisha Ghaus Pasha on Thursday said the agreement on 9th review was delayed because the International Monetary Fund (IMF) is not ready to reduce the external financing requirement to $3 billion and categorically stated that there is no Plan-B and the government is committed to the IMF programme.
The resumption of the stalled IMF programme, which has remained stalled since November last year, is crucial for the cash-strapped economy.
The reserves held by SBP decreased by $102 million to $4.091 billion due to external debt payments.
Meanwhile, the Consumer Price Index (CPI)-based inflation increased to a new high of 38% on a year-on-year basis in May 2023 as compared to an increase of 36.4% in the previous month, Pakistan Bureau of Statistics (PBS) said.
