KARACHI: The value of the local currency, the rupee (PKR), declined further and depreciated by Rs6.70 on the first day of the business week.
According to Capital TV reports, the value of the US dollar has reached a new high, hitting Rs269 in interbank.
The US dollar is trading at Rs272 in the open market. In just three days, the dollar has appreciated by 39 rupees in the interbank market and 30 rupees in the open market.
Readmore: Local Currency Experiences Rs33 Loss in One Week
On Friday, the dollar closed at 264 rupees after devaluing the local currency by 9 rupees.
The PKR has been losing value for months due to a shortage of dollars and the rise of the black market.
Data from the week ending January 20th shows that the State Bank of Pakistan (SBP) had total reserves of $3.67 billion.
In this dire economic situation, the International Monetary Fund is seen as the only way to increase cash flow.
Sources say an IMF delegation will arrive in Islamabad today for four days of talks about reviving the fund’s program.
Followmore: SBP Foreign Exchange Reserves Reach 9-Year Low, Falling Below $4 Billion
A successful dialogue could brighten the prospects for the next tranche of $1 billion.
The delegation will review the circular debt in the energy sector and the roadmap for economic stability policies.
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