Pakistani rupee stable against US dollar in interbank market
May 9, 2023 12:48 PM
The Pakistani rupee remained stable against the US dollar in the interbank market early Tuesday, depreciating by only five paisas, reported 24NewsHD TV channel.
According to the data collected from forex dealers, the local currency shed five paisas and was being quoted at 283.90.
On Monday, the rupee had weakened against the US dollar, settling at 283.85 in the interbank market.
Uncertainty ruled the market as the Moody’s Investor Service also warned that Pakistan could default without an International Monetary Fund (IMF) bailout, as the country faces uncertain financing options beyond June.
“We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,” Grace Lim, a sovereign analyst with the ratings company in Singapore, was quoted as saying by Bloomberg. “However, Pakistan’s financing options beyond June are highly uncertain. Without an IMF programme, Pakistan could default given its very weak reserves.”
Meanwhile, the IMF Executive Board has issued meetings scheduled till May 17, but Pakistan is not on the agenda as the ninth review under the Extended Fund Facility (EFF) programme remains pending.
Pakistan is desperately seeking to resume its bailout programme that has been stalled at the ninth review since November last year.
Reporter Ashraf Khan