KARACHI: The Pakistani rupee on Tuesday was back under pressure against the US dollar, as it depreciated 0.35 percent in the interbank.
As per the State Bank of Pakistan (SBP), the currency closed at 276.28 against the US dollar, a decline of Rs0.98. The currency has depreciated by 25.82% during the ongoing fiscal year against the greenback.
The currency had registered some improvement on Monday, closing at 275.30 against the US dollar, an appreciation of Rs1.28 or 0.46%.
Today’s fall comes as technical-level talks between Pakistan and the International Monetary Fund (IMF) team are said to have concluded, while policy-level discussions were expected to start from today (Tuesday).
Investor apprehension was exacerbated by Pakistan’s low levels of foreign exchange reserves, which dropped by $592 million to a meager $3.09 billion, as well as comments made by Prime Minister Shehbaz Sharif regarding Pakistan facing difficulties from the IMF in accessing a $1 billion loan.
The Washington-based lender, according to sources, was demanding changes and adherence to precedents in a number of crucial sectors, including taxation, the power sector, and energy prices as talks with the IMF continued.