No respite for falling rupee, free fall continues on IMF programme limbo

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KARACHI: The Pakistani rupee’s downtrend continued on Thursday as the currency fell by Rs1.33 against the US dollar to trade at Rs187.25 during intra-day trade due to speculations in the market regarding the supply of the greenback and uncertainty about the resumption of the International Monetary Fund (IMF) loan programme.

According to the State Bank of Pakistan (SBP), the rupee closed at Rs185.92 in the interbank market on Wednesday. The currency has depreciated by Rs5.70 in the last four sessions since Monday.

Speaking to Geo.tv, Alpha Beta Core CEO Khurram Schehzad said: “The market is reacting to the uncertainties regarding rollover of $2.4 billion in debt from China, IMF programme and depleting reserves.”

He revealed that currently, Pakistan’s reserves are not even sufficient for two months, “and rupee depreciates when the investors and traders speculate widening gap between the demand and supply of the US currency.”

KARACHI: The Pakistani rupee’s downtrend continued on Thursday as the currency fell by Rs1.33 against the US dollar to trade at Rs187.25 during intra-day trade due to speculations in the market regarding the supply of the greenback and uncertainty about the resumption of the International Monetary Fund (IMF) loan programme.

According to the State Bank of Pakistan (SBP), the rupee closed at Rs185.92 in the interbank market on Wednesday. The currency has depreciated by Rs5.70 in the last four sessions since Monday.

Speaking to Geo.tv, Alpha Beta Core CEO Khurram Schehzad said: “The market is reacting to the uncertainties regarding rollover of $2.4 billion in debt from China, IMF programme and depleting reserves.”

He revealed that currently, Pakistan’s reserves are not even sufficient for two months, “and rupee depreciates when the investors and traders speculate widening gap between the demand and supply of the US currency.”