Pakistani rupee still under pressure against US dollar amid IMF review talks
By News Desk
November 13, 2023 12:16 PM
The Pakistani rupee again plummeted marginally against the US dollar in the interbank trading on Monday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the US dollar edged up slightly registering a 52-paisa gain in its value against the rupee, ending the day at Rs287.55.
On Friday, the last working day of the previous week, the local unit shed 13 paise against the greenback and ended the day at Rs287.03
The Pakistani rupee is constantly under pressure against the US dollar due to the ongoing talks between Pakistan and the International Monetary Fund.
The local unit has suffered a decline for the 15th consecutive session today.
The IMF review talks began on November 2 and they would conclude on Nov 15.
Today, the policy-level discussion to be headed by caretaker Finance Minister Dr Shamshad Akhtar with the IMF mission would begin on Monday (today), after its technical round of talks concluded on Friday.
The IMF review is quite significant as it will determine whether Pakistan is eligible to receive the second tranche of $700 million in December. The initial installment of $1.2 billion was disbursed in July as part of the standby arrangement.
Reporter Ashraf Khan