US dollar gains value against Pakistani rupee in dull interbank market

Published: 09:10 PM, 19 Jun, 2023
Business
US dollar gains value against Pakistani rupee in dull interbank market

The US dollar appreciated by few paisas against the Pakistani rupee in the dull interbank business on Monday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the greenback gained seven paisas in value against the local currency and ended the day at Rs287.26.

On Friday last, the Pakistani rupee had registered a marginal gain against the US dollar with an appreciation of 0.06% in the interbank market. The local currency had settled at 287.19, an increase of 18 paisas.

In a key development, Federal Finance Minister Ishaq Dar had stated that “IMF or no IMF, Pakistan will stay, and not default,” adding that there was an inordinate delay on the part of the Fund in completion of the 9th review despite the fulfilment of all conditions.

Dar had said that no valid reason was given by the IMF for the delay in the 9th review and is now objecting to even very small exemptions, which have no revenue impact but are important to put the country on development and growth. “We cannot accept every demand of the IMF,” he added.

Separately, Moody’s Investor Services had said thatPakistan’s ability to secure loans from bilateral and multilateral partners will “be severely constrained” until a new programme is agreed with the IMF.

The resumption of the IMF programme, which has remained stalled since November last year, is crucial for the cash-strapped economy.

 

Reporter Ashraf Khan

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