June 14, 2022 (MLN): The depleting reserves with no green signal from the IMF have forced the Pakistani rupee (PKR) to sink below the mark of 205 against the US dollar in the interbank market during intraday trade.

The PKR was quoted at 205/205.10 (11:26 PST) when compared to the previous close of Rs203.86 per USD.

In the absence of a much-needed IMF bailout package along with dwindling macros, PKR is under severe pressure, Malik Bostan, President of Forex Association of Pakistan.

Meanwhile, IMF has raised concerns over the recently announced budget for FY23 and said that Additional measures will be needed to bring Pakistan's budget for FY2022-23 in line with the key objectives of its IMF program.

Cherry on the top, the foreign banks have demanded 100% cash margin to open LCs in the wake of depleting reserves, he added.

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