The Pakistani rupee depreciated against the US dollar in the interbank market on Thursday, according to the State Bank of Pakistan (SBP).
According to the State Bank of Pakistan, the local unit (PKR) lost Rs0.53 against USD to close at 283.92. The US dollar closed at Rs283.39 the other day.
It is pertinent to mention here that Pakistan has less
than a month’s worth of foreign exchange reserves and is awaiting a bailout package of $1.1 billion from the IMF that has been delayed since November over issues related to fiscal policy adjustments.To unlock the funding, the government has cut back on subsidies, removed an artificial cap on the exchange rate, added taxes and raised fuel prices.
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