KARACHI: The Pakistani rupee continues to depreciate against the US dollar in the interbank market on Tuesday, according to the State Bank of Pakistan (SBP).
According to the State Bank of Pakistan, the local unit (PKR) lost Rs0.37 against USD to close at 286.56. The US dollar closed at Rs286.19 the other day.
Meanwhile, the dollar is being sold at over Rs300 in the open market.
Interbank closing #ExchangeRate for todayhttps://t.co/AQSIQoQx99#SBPExchangeRate pic.twitter.com/enDfxpQlXB
— SBP (@StateBank_Pak) June 6, 2023
The Pakistani rupee finished at a record low of 298.93 against the US dollar last week.
The surge dollar rate was witnessed following a deadlock over the IMF deal and ongoing political unrest in the country.
Earlier it emerged that the International Monetary Fund (IMF) in fresh contact with Pakistan has demanded to slash expenditures of the federal and provincial governments.
The IMF in pre-budget talks has also demanded to fix the tax revenue target above Rs. 10,000 billion, according to sources.
In virtual talks Pakistan has convinced the lender to move the talks ahead and also requested about the staff-level agreement, sources said.
IMF team also demanded major cut in expenditures of federal and provincial governments and pressed for limiting expenses and subsidy in the next fiscal year’s budget, sources said.
