Pakistani rupee continues losing streak against US dollar
April 11, 2023 12:06 PM
The Pakistani rupee kept up its losing streak and shed Rs1.34 in its value against the US dollar in the interbank trading on Tuesday, reported 24NewsHD TV channel.
According to State Bank of Pakistan, the local unit stumbled against the US dollar which was up by Rs1.34 and and ended the day at Rs288.43.
Yesterday, the US dollar smashed Pakistani rupee and appreciated by Rs2.44 in the interbank trading.
According to economic experts, the political uncertainty along with the stalled IMF tranche is eroding the market trust in rupee.
Despite completing almost all prior actions demanded by the International Monetary Fund, Pakistan is still awaiting the revival of the IMF programme which will also unlock assistance from the friendly countries.
The rupee started to decline after Finance Minister Ishaq Dar announced that he would not attend spring meetings of the IMF and the World Bank being held in the US.
Since January 2023, the rupee slid by Rs56. Since April 2022, the PKR has lost Rs105 against the US dollar.
The money experts are of the view that if the IMF released $1.2 billion tranche, it still will not turn around the country’s tattered economic condition. They call for a concrete policy shift, well-formulated fiscal developments for shoring up dwindling forex reserves and reigniting trade with partner nations.
Reporter Ashraf Khan