KARACHI: The Pakistani rupee on Friday ended its three-day gaining streak against the US dollar as the currency registered a marginal depreciation of nearly 0.01% in the interbank.
At close, the currency settled at 286.74, a decline of Rs0.01, as per the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/ZMhwQzhcck#SBPExchangeRate pic.twitter.com/dQqcvxgDs6
— SBP (@StateBank_Pak) June 23, 2023
On Thursday, the rupee had maintained its upward trajectory for the third successive session against the US dollar, appreciating 0.09% to settle at 286.73.
In a key development, In the hopes that the lender will accept the monies allotted under the bailout, Prime Minister Shehbaz Sharif met with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on Thursday outside of the Summit for a New Global Financial Pact being held in Paris.
The IMF programme must continue because it is about to expire on June 30. This is important for the cash-strapped economy.
Separately, due primarily to paying off external debt, Pakistan’s total liquid foreign exchange reserves decreased by $515 million over the past week. However, Pakistan has also received a $300 million inflow from China.
