Follow Us on Google News
KARACHI: The Pakistani rupee on Tuesday registered more losses against the US dollar, settling with a depreciation of 0.35% in the interbank
According to the State Bank of Pakistan (SBP), the local currency closed at 284.84, a decrease of Rs0.99.
Interbank closing #ExchangeRate for todayhttps://t.co/BA79HDHJef pic.twitter.com/4CmDh0rxKT
— SBP (@StateBank_Pak) May 9, 2023
The rupee had also weakened against the US dollar on Monday, settling at 283.85 in the inter-bank market.
According to Bloomberg on Tuesday, Moody’s Investor Service cautioned that Pakistan could collapse without an IMF rescue because the nation has limited financial choices beyond June.
“We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,” Grace Lim, a sovereign analyst with the ratings company in Singapore, was quoted as saying by Bloomberg.
“However, Pakistan’s financing options beyond June are highly uncertain. Without an IMF programme, Pakistan could default given its very weak reserves.”
Meanwhile, the Ministry of Finance on Tuesday said the government has made arrangements for the repayment of $3.7 billion debt due in May and June.