Karachi: Rupee was unable to maintain last week’s momentum against dollar and after 4-day break depreciated 0.13 percent in inter-bank market. As per State Bank of Pakistan rupee settled at 283.58, loss of Re 0.38. With latest decline, rupee has lost over 20.2 percent of its value against greenback during this calendar year.

Market is still concerned about stalled programme with International Monetary Fund together with reports that staff-level agreement was still bit further away. Analysts said that step has been taken to resume IMF programme and get loan tranche of $ 1.2 billion to build central bank’s foreign exchange reserves, which stood at $ 4.6 billion. Globally was firm as investors assessed moves made by authorities and regulators to rein in worries over global banking system.

Published in The Daily National Courier, March, 28 2023

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