US dollar up marginally against Pakistani rupee

By: News Desk
Published: 10:21 AM, 14 Mar, 2023
US dollar up marginally against Pakistani rupee
Caption: Representational image.
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The Pakistani rupee which was back under pressure against the US dollar a day earlier managed to reverse the pressure on Tuesday morning as it went up by 61 paisas against the greenback in interbank market but later the US dollar managed to overpower the rupee, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency lost 68 paisas in value against the US dollar and ended the day at Rs282.29.

On Monday, the Pakistani rupee depreciated by 0.3% in the inter-bank market. As per the State Bank of Pakistan (SBP), the rupee settled at 281.61, a decline of 84 paisas.

The latest pressure on rupee came amid the delay in staff-level agreement with International Monetary Fund (IMF) which has prompted Finance Minister Ishaq Dar to contact the US officials.

Sources said Ishaq Dar has decided to discuss the issue with the US ambassador in Pakistan. There is a possibility of an agreement during this week after talks with the US officials, the sources added.

The sources revealed that the IMF is unreasonably again delaying the agreement after all of its conditionalities have been met.

During the previous week, the rupee had depreciated by 0.82% against the US dollar in the interbank market even though on Friday, after back-to-back losses, the currency had found some respite against the greenback.

Inflows from China landing in the SBP’s account lent some support to critical levels of foreign exchange. However, concerns over an incessant delay in the International Monetary Fund (IMF) programme continued to rattle sentiment.

Former Federal Finance Minister Miftah Ismail on Sunday said that in order to avoid IMF programmes, Pakistan must ensure at least 15% tax to Gross Domestic Product (GDP), and 15% exports to GDP.

Reporter Ashraf Khan

Categories : Business