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Monday, July 15, 2024  
08 Muharram 1446  

Fitch says Pakistan unlikely to devalue rupee

The ongoing IMF programme is expiring in June
Photo: AFP
Photo: AFP

Pakistan is unlikely to devalue its currency again as pressure on the rupee has eased according to Fitch Ratings.

“We currently do not expect a large further devaluation of the Pakistan rupee,” Krisjanis Krustins, a Hong Kong-based director at Fitch said on Friday. “Although the currency has been very stable over the past few months, pressure on the reserves of the State Bank of Pakistan has also been contained, which suggests minimal interventions to support the currency.”

The country is currently negotiating to restart a $6.7 billion bailout trench from the International Monetary Fund.

The international loan lender said that it is working with authorities to fix its currency market and other issues before it resumes the bailout programme.

The programme is expiring in June, has been delayed since November. There’s about $2.5 billion left to disburse from the $6.5 billion programme.

The rupee has slumped more than 20% this year after officials devalued the currency in January, making it one of the worst performers globally.

The nation’s dollar stockpile has remained stable at about $4 billion since late February, after falling more than 50% in the past 12 months.

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Pakistan Rupee

IMF programme