Pakistani rupee continues to lose strength

KARACHI: The Pakistani rupee continued to depreciate against the United States (US) dollar in the interbank market amid a delay in the finalisation of a deal with the International Monetary Fund (IMF), according to the State Bank of Pakistan (SBP) report.

According to the central bank, the local currency lost Rs0.68 against the greenback in the interbank market to close at Rs282.29 on Tuesday.

Yesterday, the local currency closed at Rs288.61 in the interbank market.

Interbank closing #ExchangeRate for todayhttps://t.co/8bkRlHzgTg pic.twitter.com/F8Ggrpzwwd

— SBP (@StateBank_Pak) March 14, 2023

Pakistan to seek US help for staff-level agreement with IMF

Following the delay in the staff-level agreement with the International Monetary Fund (IMF), Pakistan has decided to seek US help for the revival of the stalled loan programme.

Sources within the Finance Ministry familiar with the development said that the incumbent government has decided to seek Washington’s help as the majority of the demands of the fund have been completed. “There is no need for further delay in the staff-level agreement.”

They further say Finance Minister Ishaq Dar will talk with the US envoy this week. It has been leanrt that there are chances of a staff-level agreement between Pakistan and the IMF this week.

The virtual talks are also scheduled today with the International Monetary Fund.