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KARACHI: The Pakistani rupee on Tuesday depreciated 0.24% against the US dollar in the interbank.
As per the State Bank of Pakistan (SBP), the rupee settled at 282.29, a decline of Rs0.68.
Interbank closing #ExchangeRate for todayhttps://t.co/8bkRlHzgTg pic.twitter.com/F8Ggrpzwwd
— SBP (@StateBank_Pak) March 14, 2023
After appreciating marginally on Friday last week, the rupee started this week on a negative note, settling at 281.61 against the greenback in the interbank market, a decline of Rs0.84 or 0.3%.
The development comes as the market keenly awaits the resumption of the stalled International Monetary Fund (IMF) Extended Fund Facility (EFF) program, which is crucial for the cash-strapped Pakistani economy.
Meanwhile, Pakistan has turned to the United States for assistance in obtaining “lenient treatment” from the International Monetary Fund (IMF) following the global lender has demanded assurances over foreign financing, which has prevented Pakistan from signing the staff-level agreement (SLA).
The IMF has asked Pakistan to get confirmation on external financing needs of $6 to $7 billion from Saudi Arabia, United Arab Emirates (UAE), Qatar and multilateral creditors to fill the gap till the end of June 2023, The News reported on Tuesday.
Islamabad has little choice but to turn to Washington and its allies in the west for assistance if it wants to persuade the lender to give it “lenient treatment” for advancing towards the staff-level accord.
