Pakistani rupee continues to slide against dollar in interbank

KARACHI: No respite for falling Pakistani rupee as it continued to decline against the US dollar amid a delay in the finalisation of a deal with the International Monetary Fund (IMF).

According to the State Bank of Pakistan (SBP), the local currency lost Rs3.18 against the greenback in the interbank market to close at Rs282.30.

Yesterday, the local currency closed at Rs279.14 in the interbank market.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 278.2 and Rs 287 respectively.

‘Staff-level agreement expected in 2 days’

Finance Minister Ishaq Dar has said that the staff-level agreement with the IMF is expected within next two days.

Addressing a seminar in Islamabad, the federal finance minister said that the incumbent government has inherited the economic crisis and taking steps for economic revival of the country.

He lauded the role of the World Bank in Pakistan’s economy adding that the Asian Development Bank is key development partner of the country.

“We want to stabilize the national economy in new budget and intend to scale down challenges for general public in the next budget,” he vowed. Federal Minister promised to overcome current economic problems soon.

Ishaq Dar promised strict implementation of the government’s austerity drive. “All cabinet members have stopped use of big jeeps, federal government will curtail expenditure by 15 percent,” he said. “Official delegations won’t stay in five star hotels. Government officials and ministers will travel in economy class,” finance minister said.