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KARACHI: Pakistani rupee Thursday registered marginal depreciation against the US dollar, falling 0.05 percent in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 223.92 after a decline of Rs0.11.
Interbank closing #ExchangeRate for todayhttps://t.co/udNj0db4py pic.twitter.com/MYbTA4x208
— SBP (@StateBank_Pak) November 24, 2022
On Wednesday, the rupee had reverted to its losing way against the US dollar to settle at 223.81 after a gain of Rs0.39 or 0.17%.
As the government continues to struggle with low foreign exchange reserves, investors have been miffed by the delay in negotiations with the International Monetary Fund (IMF) on the ninth review under the Extended Fund Facility (EFF).
According to media report the government’s policy blunders have caused a delay in setting a date for the beginning of formal negotiations on the 9th review.
The ninth review was scheduled for November 3, 2022, according to the IMF’s seventh and eighth review documents that were uploaded to the website at the end of September 2022.
Globally speaking, the US dollar was generally weaker on Thursday as investors gambled on riskier assets in anticipation of the Federal Reserve raising interest rates at a slower rate.
Officials were generally confident they could now advance in smaller steps, according to the anxiously awaited summary of the Fed meeting on November 1-2.