KARACHI: The Pakistani rupee on Tuesday registered losses after five-session winning streak as the local currency depreciated 0.24% against the US dollar in the interbank.
As per the State Bank of Pakistan (SBP), the currency closed at 262.51 against the US dollar, a fall of Rs0.63. The currency has depreciated 21.6% during the ongoing fiscal year against the greenback.
The Pakistani rupee had continued its upward momentum against the US dollar on Monday, settling at 261.88 an appreciation of Rs0.94 or 0.36%.
Interbank closing #ExchangeRate for todayhttps://t.co/sT5B6UhYyw pic.twitter.com/l955pDOD74
— SBP (@StateBank_Pak) February 21, 2023
The Finance (Supplementary) Bill, 2023, which proposes new taxes and charges totaling Rs170 billion to meet the agreement agreed with the International Monetary Fund (IMF) for its Extended Fund Facility, was passed by the National Assembly on Monday, marking a significant development.
In his closing remarks, Finance Minister Ishaq Dar stated that his economic team had discussions with the IMF to restart the program and that during those discussions, it had agreed to make some difficult decisions to stabilize the economy’s deteriorating state.
