Pakistani rupee depreciates by 48 paisas against US dollar in interbank
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The Pakistani rupee recorded a marginal loss against the US dollar in the interbank market on Friday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local curreny depreciated by 48 paisas against the greenback and ended the day at Rs280.57.
Interbank closing #ExchangeRate for todayhttps://t.co/ga33fPkTxi#SBPExchangeRate pic.twitter.com/3kEYPE2xN0
— SBP (@StateBank_Pak) October 27, 2023
On Thursday, the Pakistani rupee had lost value by 0.07% to settle the day at Rs280.09 against the US dollar.
Interbank closing #ExchangeRate for todayhttps://t.co/SACJuYlffG#SBPExchangeRate pic.twitter.com/zQSxtpgWjd
— SBP (@StateBank_Pak) October 26, 2023
The dull trading in the interbank market reflected a cautious approach by traders ahead of talks with the IMF and the fall in the country’s foreign exchange reserves.
The State Bank of Pakistan (SBP) reported a decrease of $220 million in foreign exchange reserves for the week, bringing the total to $7.5 billion as of October 20, 2023. The country’s total liquid foreign reserves now amount to $12.66 billion, with commercial banks holding reserves worth $5.1 billion.
The SBP attributed this decline in reserves to debt repayments. During the week, Pakistan’s central bank reserves experienced an increase of $67 million.
In July of this year, inflows from the International Monetary Fund (IMF), Saudi Arabia, and the UAE provided a boost to the bank's reserves as part of a $3 billion Stand-by Arrangement (SBA). However, ongoing debt repayments, increased import payments following eased restrictions, and a lack of inflows have put pressure on the bank's reserves.
Total liquid foreign #reserves held by the country stood at US$ 12.66 billion as of October 20, 2023.
— SBP (@StateBank_Pak) October 27, 2023
For details https://t.co/WpSgomnKT3#SBPReserves pic.twitter.com/QgKlf9QGWk
In a related development, the Ministry of Finance has finalized its directions on negotiations related to the ongoing International Monetary Fund (IMF) programme with instructions to secretaries and the deputed focal persons to remain available in Islamabad till the finalisation of the Staff Level Agreement (SLA).
Reporter Ashraf Khan