KARACHI: The Pakistani rupee on Wednesday continued its downward trajectory against the US dollar, depreciating 0.42% in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee settled at 282.65, a decrease of Rs1.18.
On Tuesday, the rupee had depreciated 0.18% to settle at 281.47 against the US dollar.
In a related event, despite the government’s assertion that all goals have already been reached, Pakistan and the International Monetary Fund (IMF) will hold critical talks tomorrow (Thursday) about the first review of the $3 billion Stand-by-Arrangement (SBA).
A Finance Ministry official gave off the impression that the $3 billion SBA’s first review, which runs from July to September 2023, will be successfully completed.
However, since the $4.5 billion in planned loans from foreign commercial banks and the $1.5 billion in Eurobond issues for the current fiscal year have not yet materialized, the assessment may sharply focus on the need for external finance.
