Karachi March 20 2023: Pakistan Rupee depreciates in Interbank against dollar as country failed to reach agreement with IMF even after passing 38 days of staff level visit and strengthening of dollar on likely increase in FED rate.
Pakistan Rupee depreciates PKR 2.19 or 0.77 percent in Interbank to trade at PKR 283.90 at PST 12:50 on Monday. During the last week Rupee slid PKR 1.12 or 0.4 percent against the dollar in Interbank. Pakistan Rupee hit all-time low of 285.08 on 2nd March 2023.
The International Monetary Fund (IMF) has rejected speculation that the lending institution had attached any conditions to Pakistan’s missile or nuclear program as part of the ninth review of the IMF-supported program, reports local news channel on Sunday.
Stating that there was “absolutely no truth” to any such insinuations, Esther Perez Luiz, the IMF resident representative, clarified that discussions with the Pakistani authorities have exclusively focused on economic policies to address the country’s economic and balance of payments issues.
Last week on Tuesday, Prime Minister Shehbaz Sharif said that the staff-level agreement with the International Monetary Fund (IMF) would reach within a few days as the government had accepted even the “toughest” conditions put by the global financial institution.
