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HomeBusinessPakistani rupee trading at Rs205 against dollar

Pakistani rupee trading at Rs205 against dollar

After losing Rs1.51 in the interbank market on Tuesday, the Pakistani Rupee is now trading at Rs205.31 against the US dollar.

The PKR had closed at Rs203.85 against the USD the day before.

For the third day in a row, the rupee has depreciated against the dollar, putting pressure on Pakistan’s foreign exchange reserves due to uncertainties over the renewal of the International Monetary Fund (IMF) program.

Additional steps will be required to keep Pakistan’s budget for the following fiscal year 2022-23 in line with the primary objectives of its IMF program, the Fund said a day earlier.

On Friday, Pakistan announced a budget of Rs9.5 trillion ($47 billion) for 2022-23, aimed at stringent fiscal austerity in order to persuade the IMF to resume much-needed bailout payments.

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