Karachi: Rupee witnessed significant decline against dollar in inter-bank market on Monday. As per State Bank of Pakistan (SBP), domestic unit closed at 287.09, down 2.44 or 0.85 percent. During previous week to close at 284.65. Currency fell in four of five sessions with only gain being on Thursday, day when finance ministry official said International Monetary Fund (IMF) had indicated that it has gotten financing assurance from Saudi Arabia. On Saturday, Financing confirmation would bridge Pakistan’s external account gap and meet last condition of IMF. Until then currency is likely to remain under pressure.

Internationally, dollar started week on front foot after US jobs data pointed to tight labour market, firming up expectations that Federal Reserve will again raise interest rates at its meeting next month.

In currency market, dollar index, which measures US currency against six major peers, rose 0.225 percent to 102.25, lifting away from two-month low of 101.40 the index touched last week.

Published in The Daily National Courier, April, 11 2023

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