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KARACHI: The Pakistani rupee on Monday registered a marginal loss against the US dollar with a depreciation of 0.02% in the interbank.
At close, the currency settled at 287.26, a decline of Rs0.07, as per the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/BsjP1KA3Zb#SBPExchangeRate pic.twitter.com/WT7hnhOcik
— SBP (@StateBank_Pak) June 19, 2023
In the open-market, the US dollar remained unchanged at Rs296.
On Friday, the rupee had remained largely stable in the inter-bank market, depreciating 0.08% to settle at 287.19.
Meanwhile, Bloomberg said on Monday that the International Monetary Fund’s (IMF) criticism of Pakistan’s most recent budget indicates that there is a greater likelihood that the global lender will decide not to disburse cash under its bailout programme, which is due to expire on June 30.
Pakistan had to satisfy the IMF on three counts, which included restoring the proper functioning of the foreign exchange market, pass a FY24 budget consistent with programme objectives, and secure firm and credible financing commitments to close the $6-billion financing gap ahead of the Board meeting.
As per a note by Ankur Shukla, South Asia Economist for Bloomberg Economics, the Pakistani economy will likely be hit hard if the IMF doesn’t deliver aid by June-end.
