Karachi February 3 2023: Pakistan Rupee depreciates both in Interbank and Open market against dollar as Prime Minister said IMF is giving tough time to Pakistan to conclude 9th review of Extended Fund Facility.
Prime Minister Shehbaz Sharif on Friday said the International Monetary Fund (IMF) was giving Pakistan a tough time over unlocking a $1-billion loan at a time when the country’s economic situation is “unimaginable”.
Pakistan Rupee depreciates PKR 5.22 or 1.89 percent in Interbank to close at PKR 276.58 on Friday. During the last seven working days Rupee lost 16.5 percent or PKR 45.69 against the dollar in Interbank.
In open market dollar is trading at all-time high of PKR 283.2 at PST 19:00 after slide of PKR 12.45 against yesterday close of PKR 270.75.
Bloomberg calculations show the free-floating rupee should stabilize at 266 to the dollar.
SBP foreign exchange reserves for the week ending Jan 27, 2023, were down by USD 592 million to USD 3,086 million, the lowest since 07-Feb-2014, as per data released by the Central Bank. These reserves are less than one month imports of the country.