KARACHI: The Pakistani rupee on Monday registered a marginal loss against the US dollar, depreciating 0.06% in the interbank.
As per the State Bank of Pakistan (SBP), the currency closed at 269.44 against the US dollar, a decrease of Rs0.16. The currency has depreciated by 23.3% during the ongoing fiscal year against the greenback.
During the previous week, the currency had appreciated 2.71% against the US dollar to close at Rs269.28 in the inter-bank market.
Interbank closing #ExchangeRate for todayhttps://t.co/lTWZht1PXr pic.twitter.com/zjWkER4wJS
— SBP (@StateBank_Pak) February 13, 2023
The increase is linked to a recent currency rate correction following the termination of the dollar peg. Due to their belief that the rupee is reasonably valued, exporters are also selling their dollars in the market. Inflows from illicit markets were diverted through formal channels while the currency rate was allowed to float freely.
Moreover, talks between the International Monetary Fund and Pakistan will resume virtually on Monday, a Pakistani official said, as the two sides look to reach a deal to unlock funding critical to keep the cash-strapped south Asian country afloat.
The two could not reach a deal last week and a visiting IMF delegation departed Islamabad after 10 days of talks but said negotiations would continue. Pakistan is in dire need of funds as it battles a wrenching economic crisis.
“Duration (of the talks) cannot be confirmed but we intend to wrap these up at the soonest,” Finance Secretary Hamed Yaqoob Sheikh told Reuters in a text message, confirming that talks were resuming on Monday.
