KARACHI
Pakistani rupee remained on the back foot against the US dollar in the interbank market and depreciated by three paisas on Monday.
According to details, the rupee opened at 278.21 against the greenback in the interbank market and closed at 278.24, inching down by 0.01 percent.
The rupee appreciated by around 18 paisas against the US dollar last week. The local unit closed at 278.21, against 278.39 it had closed the week earlier, as per the SBP.
Meanwhile, the International Monetary Fund (IMF) mission is expected to visit Pakistan this month to discuss a new program, the lender said on Sunday, ahead of Islamabad beginning its annual budget-making process for the next financial year. Pakistan last month completed a short-term $3-billion program, which helped stave off sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
“A mission is expected to visit Pakistan in May to discuss the FY25 budget, policies, and reforms under a potential new program for the welfare of all Pakistanis,” the IMF said in an emailed response to a foreign media outlet.
Meanwhile, Finance Minister Muhammad Aurangzeb on Monday also said that the IMF mission is expected to arrive in Pakistan in the next seven to ten days.
In a related development, foreign exchange reserves held by the SBP increased by $25 million on a weekly basis, clocking in at $8 billion as of April 26, data released on Thursday showed. Total liquid foreign reserves held by the country stood at $13.3 billion. Net foreign reserves held by commercial banks stood at $5.3 billion. The central bank did not specify a reason for the increase in the reserves.
