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Pakistan Rupee slides further to touch Rs 276.58 per dollar

Just Earth News | @justearthnews | 03 Feb 2023

Pakistan Rupee slides further to touch Rs 276.58 per dollar

Image: Wikimedia Commons

Islamabad: The Pakistani Rupee plunged further on Friday to touch Rs 276.58 per dollar in the interbank market, media reports said on Fridayl.

This equates to a depreciation of Rs5.22, or 1.89 per cent, from yesterday’s close of Rs271.36, reports Dawn News.

Today’s slide comes as the government continues talks with an International Monetary Fund (IMF) delegation, which is currently in Islamabad to finalise the ninth review of its $7 billion loan programme to Pakistan, the newspaper reported.

If the review is successful, it would pave the way for a $1.2 billion tranche for Pakistan.

Alpha Beta Core CEO Khurram Schehzad said Prime Minister Shehbaz Sharif’s statement that the Fund delegation was giving a tough time to Finance Minister Ishaq Dar and his team during talks had lowered confidence once again and the rupee’s value declined as a result.