Rupee’s downward slide against us dollar continues in interbank

F.P. Report

KARACHI: The Pakistani rupee continued its downward trend for the 16th straight day on Thursday, plunging to a new record low at Rs202.40 against the US dollar in the interbank market.

According to forex dealers, the local unit slid by 0.48 pasia to reach a new all-time low of Rs202.40 against the greenback in interbank trade.

The domestic currency also lost ground in the open market and trading above Rs203.

It closed at Rs201.92 against the greenback on Wednesday, according to the State Bank of Pakistan (SBP).

Negotiations between the government and the International Monetary Fund (IMF) concluded on Wednesday and the IMF has subjected the $3 billion economic relief program for Pakistan with the removal of fuel subsidies.

The seventh review talks with Pakistan’s IMF mission were held in Doha. Finance Minister Miftah Ismail led the Pakistani delegation. The talks reviewed the financial situation for the fiscal year 2022 and the measures proposed for the new fiscal year 2023.

The IMF called for the withdrawal of subsidies on fuel and electricity, and expressed concern over the situation in the fiscal and current account deficits. The IMF also pointed out reforms in the current account and fiscal deficit.

The International Monetary Fund (IMF) mission chief said Wednesday the previous Pakistani government violated the mutual agreement by giving subsidies on fuel.