The US dollar edged up against Pakistani rupee in interbank market on Monday as an IMF team of technical experts has landed in Pakistan, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency went down by 27 paisas against the greenback and ended the day at Rs285.64.
Interbank closing #ExchangeRate for todayhttps://t.co/D3IYm5uAHJ#SBPExchangeRate pic.twitter.com/nUBYbSnLq3
— SBP (@StateBank_Pak) November 27, 2023
On Friday, the Pakistani rupee had recorded loss against the US dollar in the in the interbank market, settling at Rs285.37, a decrease of 10 paisas.
Interbank closing #ExchangeRate for todayhttps://t.co/nT0SqHnOwF#SBPExchangeRate pic.twitter.com/Ff2mRQgloA
— SBP (@StateBank_Pak) November 24, 2023
Pakistan is operating under a caretaker government after a $3 billion IMF loan programme was approved in July to avert a sovereign debt default. Last week, the IMF staff and Pakistani authorities had reached a staff-level agreement on the first review of the IMF Stand-By Arrangement (SBA) programme.
In the meanwhile, an IMF team of technical experts landed in Pakistan on Monday for discussions for implementing the agreed points.
The State Bank of Pakistan (SBP) reported a steep decline of $217 million in its foreign exchange reserves to $7.18 billion due to debt repayments during the week ended on November 17, which is less than three months of imports.
The total liquid foreign exchange reserves held by the country stood at $12.3 billion while the holdings of the commercial banks were $5.12 billion during the week.
Total liquid foreign #reserves held by the country stood at US$ 12.30 billion as of November 17, 2023.
— SBP (@StateBank_Pak) November 27, 2023
For details https://t.co/WpSgomnKT3#SBPReserves pic.twitter.com/1V0UjJxFym
Reporter Ashraf Khan