January 27, 2023 (MLN): The Pakistani rupee (PKR) continued losing ground against the US dollar on Friday as it plunged by 3.57 rupees per USD in early trade compared to the previous close of PKR 255.43 per USD.
The dollar was being quoted at 256.96/260.96 (9:58 PST) with the trades being reported at 259 while in the open market, the dollar is being traded at 263/265 per USD.
It is pertinent to mention that the local unit took a steep dive on Thursday in both interbank and open market sessions. The local unit in the interbank has depreciated by a massive 24.5 rupees against the US dollar.
Right after this sharp depreciation, the International Monetary Fund (IMF) announced that it will send a staff mission to Pakistan on January 31 to complete talks on the ninth quarterly review of a funding program that has been pending for four months.
The Fund's resident representative in Islamabad, Esther Perez Ruiz, stated that the mission will focus on policies to restore domestic and external sustainability in Pakistan, including measures to strengthen the country's fiscal position and support those affected by floods.
The mission will also work to restore the viability of the power sector and re-establish the proper functioning of the foreign exchange market.
The dollar has been on an upward trend since the Shahbaz Shareef government took over, having gained 72.07 rupees. In the last nine months of the current government, the rupee has depreciated by over 28%.
