Karachi May 26, 2022: Pakistan rupee continues its slide against the dollar for the seventeenth consecutive day to trade at 202.4 in the interbank while gains in the open market as Pakistan fails to get completion of IMF review.
The International Monetary Fund (IMF) on Wednesday emphasised upon Pakistan the urgency of “removing fuel and energy subsidies” to achieve programme objectives.
Foreign Minister said yesterday, “An ongoing bailout deal between Pakistan and the International Monetary Fund (IMF) is “outdated” given a number of global crises”.
“Govt is committed to reviving the IMF programme and put Pakistan back on a sustainable growth path” says Finance Minister.
The Rupee drops nearly 0.23% or 48 paisas to trade at 202.4.
However, in the open market, the dollar is trading at 203.5 at 12:10 PST against yesterday closing of 204.
PKR has been consistently falling over the last 16 trading sessions losing almost 8% against the dollar. Since the start of this fiscal year, Rupee has lost ~22%.
Yesterday, Rupee closes at an all-time high of Rs201.92 in the interbank market.
The higher demand for dollars is the main reason for the depreciation of the Pak Rupee in the currency market. Political foot-dragging by the incumbent government on the increase of fuel and electricity prices — a prerequisite for the resumption of the International Monetary Fund (IMF) loan program has further eroded the confidence of stakeholders.
