KARACHI: The Pakistani rupee on Monday registered some improvement against the US dollar after hitting an all-time low on Friday. The PKR gained 0.46 percent in the interbank market.
As per the State Bank of Pakistan (SBP), the currency settled at 275.30 against the US dollar, an improvement of Rs1.28. The currency has depreciated by 25.47% during the ongoing fiscal year against the greenback.
Interbank closing #ExchangeRate for todayhttps://t.co/YueVOAfzUi pic.twitter.com/hCfZxfB3MU
— SBP (@StateBank_Pak) February 6, 2023
The rupee appreciation comes after the currency slipped to an all-time low against the US dollar on Friday, closing at 276.58, a decline of Rs5.22 or 1.89%.
Overall last week, the rupee had recorded a cumulative fall of 5.05%.
Investor apprehension was exacerbated by Pakistan’s low levels of foreign exchange reserves, which dropped by $592 million to a meager $3.09 billion, as well as comments made by Prime Minister Shehbaz Sharif regarding Pakistan facing difficulties from the IMF in accessing a $1 billion loan.
The Washington-based lender, according to sources, was demanding changes and adherence to precedents in a number of crucial sectors, including taxation, the power sector, and energy prices as talks with the IMF continued.
Analysts believe the rupee is likely to stay under pressure until clarity is achieved on the IMF program.
