Dollar upward journey continues against rupee in interbank

KARACHI: The rupee’s downward trend against the US dollar in the interbank market continued on Monday as the greenback gained Rs0.61 in intraday trading, ARY News reported.

According to the Forex Association of Pakistan (FAP), the US dollar gained Rs0.61 in the interbank market and climbed to Rs200.75 around 12:00pm.

The forex dealers said that US dollar in the open market is also trading at over Rs202. The US dollar closed at 200.14 the other day.

Interbank closing #ExchangeRate for todayhttps://t.co/lB20zSWTJX pic.twitter.com/BW8t3EoLGw

— SBP (@StateBank_Pak) May 20, 2022

When the PM Shehbaz Sharif-led coalition government took over on April 11, the dollar was valued at Rs182.3. Since then, the rupee has lost Rs18 of its value.

IMF talks

Pakistan opened much-delayed talks with the International Monetary Fund (IMF) on Wednesday to resume a seventh review of the $6 billion rescue package agreed in 2019.

“Talks with the IMF mission started today,” a statement from the finance ministry said on Last Friday. It said a team led by Finance Minister Miftah Ismail and the central bank’s acting governor will join the talks virtually.

The talks will continue until May 25 before the IMF takes a decision.

The South Asian nation is in dire need of external funds, with foreign reserves falling to as low as $10.3 billion and a widening current account deficit.

Pakistan has already requested the lender to increase the size and duration of its $6 billion programme.