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Pakistani rupee continues slide against US dollarBreaking
June 15, 2022
The rupee continued its downward trend against the US dollar in the interbank market as the greenback gained Rs1.21 during early trading.
According to the Forex Association of Pakistan (FAP), the greenback appreciated Rs1.21 and climbed to Rs206.37 during intraday trading.
In the open market, the US dollar is being sold between Rs 207 and Rs 208, said forex dealers.
The greenback appreciated Rs1.35 and closed at Rs205.16 the other day, according to the State Bank of Pakistan (SBP).
According to experts, the local currency is losing streak against the greenback owing to a delay in the revival of the International Monetary Fund’s (IMF) $6 billion loan programme.
The country is facing a balance of payments crisis with the central bank’s foreign exchange reserves falling to $9.2 billion.
Finance Minister Miftah Ismail Sunday asserted that Pakistan will seek a deferred payment plan for liquefied natural gas bought under long-term deals with Qatar as Islamabad faces a balance of payments crisis and falling foreign exchange reserves.
Miftah Ismail unveiled Budget 2022-23 on Friday aimed at fiscal consolidation as it tries to convince the International Monetary Fund (IMD) to restart much-needed financial support.
However, the Fund has expressed concerns over the numbers, including its current account deficit. “We’ve talked about a deferred payment plan or at least I’ve requested this and the petroleum minister is doing negotiations and is going to do the talks,” Ismail said.
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