Pakistan rupee downfall continues as IMF continues to review delay

Pakistan's economic woes has been continuing as its rupee downfall continues as International Monetary Fund continues to review its delay on its economy.

Pakistan's economic woes has been continuing as its rupee downfall continues as International Monetary Fund continues to review its delay on its economy. The Pakistani rupee continued on its downward trajectory on Wednesday, closing at 176.98 against the dollar due to uncertainty over the sixth review of the International Monetary Fund (IMF) for the USD 6 billion extended fund facility (EFF) programme, according to Geo TV.

According to data released by the State Bank of Pakistan (SBP), the local currency shed 0.15 per cent, closing at Rs 176.98 against the greenback in the interbank market. The decline came on the back of increased demand from the importers and a lack of sufficient supplies coupled with a delay in IMF review.

With a fresh decline of 0.15 per cent, the rupee has depreciated by 12.33 per cent (or Rs 19.44) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed. Pakistan rupee has maintained the downtrend for the past nine months. It has lost 15.68 per cent (or Rs 24.71) to date, compared to the 22-month high of Rs152.27 recorded in May 2021, as reported by Geo TV.

Further, Investors remained on the sidelines after the news that the Executive Board of the IMF has once again delayed Pakistan's sixth review. It's important to mention that the IMF website, which lists its Executive Board Calendar, showed Pakistan's discussion would be taken up on February 2, as reported by Geo TV. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)