After a 4-day vacation, the Pakistani rupee lost some of the gains it made against the US dollar during the previous week and fell 0.13 percent on Monday in the interbank market.
According to the State Bank of Pakistan (SBP), the rupee decreased by Rs0.38 to close at 283.58. With the most recent drop, the rupee has lost more than 20.2 percent of its value against the dollar this year.
The rupee had fallen 0.53 percent against the US dollar over the previous week, when the interbank market was only open for three days, and it ended up at 283.2. After a decrease on Monday, the rupee had two days of recovery on Tuesday and Wednesday, which limited losses but did not address the basic causes of the currency’s lower position.
The stalled programme with the International Monetary Fund (IMF) and indications that the staff-level agreement was still some distance off continue to worry the market.
Islamabad is working to restart the IMF’s $1 billion Extended Fund Facility (EFF). Additional contributions from other foreign creditors will start to flow after the IMF loan is released.
In a significant milestone, Finance Minister Ishaq Dar stated on Sunday that “friendly” nations should fulfill their promises to Pakistan in order to finalize the deal with the IMF and recover the economy.
Additionally, the State Bank of Pakistan (SBP) on Friday said that the Cash Margin Requirement (CMR) on imports of products will be eliminated.
