KARACHI: The Pakistani rupee has experienced marginal losses against the US dollar, as it depreciated 0.14% in the inter-bank market during early trading on Monday.
At around 10:45am, the currency was being quoted at 284.8, indicating a decline of Re0.4.
The rupee had depreciated a marginal 0.09% against the US dollar during the previous week, on account of the recovery in the final two days. However, market experts stated that news of a $2-billion inflow from Saudi Arabia and an additional $1 billion from the UAE had helped market sentiment.
These assurances are seen as crucial for the revival of the International Monetary Fund (IMF) bailout programme. As a result, the rupee settled at 284.4 in the inter-bank market.
Despite this development, on Saturday, the IMF stated that it is still awaiting necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th Extended Fund Facility (EFF) review.
The IMF’s statement implied that the staff-level agreement could still be a few steps away. The agreement is viewed as critical to providing much-needed stability to the currency market, which has seen the rupee undergo volatile rides in recent months.
