Karachi: Rupee depreciated slightly against dollar in inter-bank market. As per State Bank of Pakistan (SBP), local currency closed at 284.65, down 0.23 paisa or 0.08 percent. As per State Bank of Pakistan Domestic unit closed at 284.65, down 0.23.

This comes day after rupee registered significant gains against dollar, settling at 284.42 in inter-bank market after gain of Rs 3.43 on back of news that IMF has received assurance from Saudi Arabia of helping out Pakistan. IMF is seeking such assurances before it revives its bailout programme for South Asian country.

IMF deal will unlock other bilateral and multilateral financing avenues for Pakistan to shore up its foreign exchange reserves, which have fallen to four weeks of import cover and help it steer out of balance of payment crisis.

Published in The Daily National Courier, April, 08 2023

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