KARACHI: Rupee resumed downwards slide after two modest sessions as “Optimism surrounding government and International Monetary Fund (IMF) talks scaled back”. Rupee depreciated by 2.52 to settle at Rs 271.35 at close of day. However, domestic unit touched 272.17 against dollar during intra-day trade. Since start of this year rupee has depreciated by 44.92.

Capital market expert Saad Ali told reports regarding rejection of circular debt management plan presented by government to International Monetary Fund had dented market’s confidence.

 “IMF has opposed certain basis of revised CDMP and asks government to raise tariff in range of Rs 11 to Rs 12.50 per unit, so that requirement of additional subsidy could be reduced to half from its existing levels of Rs 675 billion for current fiscal year.”

Published in The Daily National Courier, February, 03 2023

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