KARACHI: Pakistani rupee Friday continued its losing streak against the US dollar, falling 0.22 percent in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 223.17 after a decline of Rs0.50. In the last six trading sessions, the currency has lost Rs1.75 or 0.78% against the greenback.
On Thursday, rupee had depreciated against the US dollar, to settle at 222.67 after a decline of Re0.26 or 0.12%.
Interbank closing #ExchangeRate for todayhttps://t.co/3xXXHBazKH pic.twitter.com/BdIqrUIhDe
— SBP (@StateBank_Pak) November 18, 2022
In a significant development, the International Monetary Fund (IMF) has connected the arrival of its mission to Islamabad with the completion of the macroeconomic framework with the required revisions, further delaying discussions on the ninth review of the IMF’s Enhanced Fund Facility (EFF).
An official who wished to remain anonymous said that the time has not yet been set because the Fund needs to complete the macroeconomic framework first before sending the mission to Pakistan.
The development is expected to irk market sentiments, after Pakistan’s perceived risk of default, measured by the 5-year credit default swap (CDS), hit 75.5% just days ago, owing to uncertainty over the IMF ninth review.
