KARACHI: Pakistani rupee on Tuesday remained stable against the US dollar in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 223.95.
Interbank closing #ExchangeRate for todayhttps://t.co/C7545PPkrJ pic.twitter.com/P5jz1TsQdO
— SBP (@StateBank_Pak) November 29, 2022
On Monday, the rupee had registered a marginal drop against the US dollar to settle at 223.95 after a decrease of Rs0.01.
A significant step is the beginning of virtual negotiations between Pakistan and the International Monetary Fund (IMF) for the ninth review of the Extended Fund Facility (EFF) program.
In August, the IMF’s board authorized the seventh and eighth evaluations, allowing Pakistan to receive more than $1.1 billion. Since September, the ninth review has been waiting.
For Pakistan, which is strapped for cash and is dealing with declining foreign exchange reserves, approval of the ninth review is essential. As of November 18, the nation’s reserves totaled $7.8 billion, which was hardly enough to pay for imports for a month.
