ISLAMABAD – The preconditions placed by the International Monetary Fund (IMF) to release next tranche of loan to Pakistan have baneful effect on local currency as it continued to lose ground against the US dollar on Monday after facing historic nosedive in previous week.
In the interbank market, the US dollar strengthened by Rs7.03 against rupee to close at Rs269.63 on the first day of the new trading week.
Taking to Twitter, the State Bank of Pakistan (SBP) on Monday said that the rupee depreciated by -2.61% as compared to Saturday when the value of the US dollar was Rs262.60. In the open market, the greenback was being quoted at 272.
Interbank closing #ExchangeRate for todayhttps://t.co/0oJFZSWYth pic.twitter.com/tmmktgx7A2
— SBP (@StateBank_Pak) January 30, 2023
Last week, the rupee lost a cumulative Rs32.45, with facing huge dip on Thursday and Friday soon after the government allowed free floating of the currency exchange rate in line with the IMF conditions to revive the $7 billion loan programme.
Meanwhile, finance pundits have sounded the alarm for investors that the rupee is expected to plunge further against the US dollar unless the inflow of foreign currency improves.
Pakistan increases petrol, diesel prices by Rs35 per litre after rupee devaluation
