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KARACHI: The Pakistani rupee on Wednesday recorded marginal losses against the US dollar, depreciating 0.04% in the interbank.
At close, the currency settled at 285.47, a decline of Rs0.12, as per the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/K9BfoSuuw2 pic.twitter.com/omjDn6uqDO
— SBP (@StateBank_Pak) May 31, 2023
On Tuesday, the rupee registered a marginal improvement to settle at 285.35 or 0.02% up against the US dollar in the inter-bank.
In a key development, Esther Perez Ruiz, International Monetary Fund (IMF) Resident Representative in Pakistan, recognised import limitations as the true culprits harming the economy in her responses to Business Recorder questions. “Import suppression in Pakistan is inflicting shortages of goods and plant closures, undermining economic activity and revenue collection” said Ruiz.
Replying to another question, the IMF official stated that the financial framework underlying the policies agreed with the authorities is included in the staff report that will be released upon the IMF Executive Board’s approval of ninth review.
The resumption of the IMF programme, which has been stalled since November last year, remains crucial for the cash-strapped economy.