KARACHI: The Pakistani rupee depreciated against the US dollar in the interbank market on Thursday by 12 paisas (-0.04 percent), while it fell by Re1 (-0.33 percent) in the open market. The State Bank of Pakistan (SBP) said in a tweet that the dollar opened at Rs286.81 in the interbank market and closed at Rs286.93. During the current fiscal year 2022-23, Pakistani rupee has lost Rs81.06 against the US dollar in the interbank, while it plummeted by Rs60.50 against the greenback in the current year. Similarly, the rupee remained on a downward trajectory against the US dollar in the open market. The greenback was quoted in the range of Rs302-305 in the open-market as compared to a range of Rs301-304 a session earlier, showing a decline of Re1 (-0.33 percent). In a related development, foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $179 million on a week-on-week basis, clocking in at nearly $3.91 billion as of June 2, the SBP data showed. Total liquid foreign reserves held by the country stood at $9.33 billion. Net foreign reserves held by commercial banks clocked in at $5.42 billion. Finance Minister Ishaq Dar on Thursday said the newly elected government should negotiate a fresh deal with the International Monetary Fund (IMF). His remarks came during the question-and-answer session following the unveiling of the Economic Survey 2022-23. TLTP
“We are hopeful the ninth review is completed successfully, as it is necessary for Pakistan. After this, it will be only fair that it be the prerogative of a new government, after elections, to negotiate any new programme with the IMF. “At this stage, it would be totally undemocratic and unfair to initiate negotiations on a new programme. Let whoever (wins the election) be the one to decide. They shouldn’t be bound,” said Dar.
