KARACHI: The rupee on Monday continued its losing streak after it shed Rs1.47 against US dollar owing to the indecisiveness of the government to revert fuel subsidies, a major demand of the IMF for the release of US$1 billion tranche, ARY NEWS reported.
According to details, the US dollar traded at Rs192.38 after rupee gained Rs0.15 in the early hours of the day. Previously, the dollar closed at Rs192.53 in the interbank on Friday.
— SBP (@StateBank_Pak) May 16, 2022
However, after an initial gain, the rupee shed its value by Rs1.65 as US dollar traded at all-time high in the interbank at Rs194.53. The forex dealers said that in the open market, the US dollar is trading at Rs195.50.
— SBP (@StateBank_Pak) May 13, 2022
Earlier in the day, amid indecisiveness of the incumbent government led by Shehbaz Sharif on a deal with International Monetary Fund (IMF), the Pakistan Stock Exchange (PSX) witnessed bloodbath in the early minutes of the trading after it shed 1061 points.
According to details, the KSE-100 index fell below the 43,000 mark after it lost 1061 points at the start of the day. The PSX is trading at 42,224 after the investors pulled out their money amid growing uncertainty over government’s decision to reach out to the IMF for a US$1 billion tranche.
The Pakistan Muslim League-Nawaz-led federal government has decided against hiking fuel prices, one of the main demands of reversing unfunded subsidies by the International Monetary Fund (IMF) for releasing a US$1 billion tranche.
Miftah Ismail said the government is not going to increase fuel prices and added that he is going to hold talks with the International Monetary Fund (IMF) for the revival of the loan package for Pakistan.