KARACHI: The Pakistani rupee depreciated against the US dollar in the interbank market on Wednesday, according to the State Bank of Pakistan (SBP).
According to the State Bank of Pakistan, the local unit (PKR) lost Rs012 against USD to close at 285.47. The US dollar closed at Rs285.35 the other day.
Meanwhile, the dollar is being sold at over Rs300 in the open market.
Interbank closing #ExchangeRate for todayhttps://t.co/K9BfoSuuw2 pic.twitter.com/omjDn6uqDO
— SBP (@StateBank_Pak) May 31, 2023
The rupee finished at a record low of 298.93 against the US dollar last week.
Experts believe the surge dollar rate was witnessed following a deadlock over the IMF deal and ongoing political unrest in the country.
Following the delay in the revival of $6.5 billion International Monetary Fund (IMF) bailout programme, Pakistan is now looking towards friendly countries for more funding.
The staff-level agreement between International Monetary Fund and Pakistan is being delayed from February 9.
Yesterday, Finance Minister Ishaq Dar said that Pakistan’s agreement with the International Monetary Fund (IMF) for the programme’s 9th review has not been finalised yet.
While addressing an event at the Federal Board of Revenue (FBR) headquarters, Finance Minister Ishaq Dar said that everyone is aware of the country’s situation and discussions regarding Pakistan’s default had also happened in the past.