Karachi: Rupee registered marginal gain against dollar with an appreciation of 0.06 percent in inter-bank market. At close, currency settled at 287.19, an increase of 0.18 paisa as per State Bank of Pakistan.

Dar said, “IMF or no IMF, Pakistan will stay and not default,” adding that there was an inordinate delay on part of Fund in completion of 9th review despite fulfilment of all conditions.”

Separately, Moody’s Investor Services said Pakistan’s ability to secure loans from bilateral and multilateral partners will “Be severely constrained” until new programme is agreed with IMF.

Internationally, dollar was last roughly 0.1 percent higher at 140.42 yen. US Federal Reserve left interest rates unchanged, snapping string of 10 consecutive rate hikes. However, Fed also signalled that borrowing costs may still need to rise by as much as half of percentage point by end of this year.

But string of data out on Thursday had markets challenging that view, as economic activity in United States slows and inflation cools.

Oil prices, key indicator of currency parity, slipped on Friday but remained on track for its first weekly gain in three, supported by hopes that OPEC+ supply cuts and higher demand from top crude importer China will tighten market in second half of year.

Published in The Daily National Courier, June, 17 2023

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