KARACHI: The United States dollar lost a few paisas against the Pakistani rupee in the interbank market today (Wednesday) as political drama unfolds with the country gripped by a stark economic downturn, risking default if help can’t be secured from the International Monetary Fund.
According to information collected from forex dealers, the greenback shed 29 paisas against the Pakistani rupee and is currently being traded at Rs282.
Tuesday’s depreciation
The local currency on Tuesday registered back-to-back losses against the US dollar, depreciating 0.24 percent in the inter-bank market with the greenback being traded at Rs282.29.
Interbank closing #ExchangeRate for todayhttps://t.co/8bkRlHzgTg pic.twitter.com/F8Ggrpzwwd
— SBP (@StateBank_Pak) March 14, 2023
The market is keenly waiting for the resumption of the stalled IMF Extended Fund Facility program, which is crucial for the cash-strapped Pakistani economy.
In a related development, it was learned that the government has reportedly decided to seek the United States help in reaching a staff-level deal with the global funder.
Ishaq Dar, Finance Minister, will contact Ambassador Donald Blome to seek the Biden Administration’s role in reaching a staff-level deal with the IMF.
