Pakistani rupee depreciated by 10 paise against the dollar in the interbank market on Tuesday and closed at Rs278.40 against the previous day’s closing of Rs278.30.
The buying and selling rates of the dollar in the open market stood at Rs278.5 and Rs280 respectively, according to the Forex Association of Pakistan.
The Euro price came down by 22 paise to close at Rs302.79 against the last day’s closing of Rs303.01, according to the State Bank of Pakistan.
The Japanese yen gained one paisa and closed at Rs1.78, whereas a decrease of one paisa was seen in the exchange rate of the British Pound, which traded at Rs359.63 as compared to the last day’s closing of Rs359.64.
The exchange rate of the Emirates Dirham and the Saudi Riyal increased by three paise each to close at Rs75.79 and Rs74.22 respectively.
The decline in the rupee comes as the International Monetary Fund (IMF) has not yet included Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of about $7 billion on the agenda of its executive board meetings scheduled till July 31.
The Pakistani authorities and the IMF team reached a staff-level agreement on the EFF on July 12. However, the IMF’s website shows the executive board meetings scheduled for July 24, 26, 29 and 31, but Pakistan’s EFF is not on the agenda.
Globally, the US dollar was little changed, while oil prices steadied on Tuesday after falling for the past two sessions. Brent crude futures for September rose 2 cents to $82.42 a barrel, while US West Texas Intermediate crude for September dipped 2 cents to $78.38 per barrel.
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Increased demand for imports resulted in high rates of dollar, say dealers
The marginal decline in the rupee and the lack of progress on the IMF program have raised concerns about Pakistan’s economic outlook in the near term.
