The Pakistani rupee registered a marginal gain against the US dollar with an appreciation of 0.06% in the inter-bank market on Friday.
At close, the currency settled at 287.19, an increase of Re0.18, as per the State Bank of Pakistan (SBP).
On Thursday, the rupee had recorded a marginal decline against the US dollar to settle at 287.37, down by 0.07% in the inter-bank.
In a key development, Finance Minister Ishaq Dar on Thursday stated that “IMF or no IMF, Pakistan will stay, and not default,” adding that there was an inordinate delay on the part of the Fund in completion of the 9th review despite the fulfilment of all conditions.
Dar said that no valid reason was given by the IMF for the delay in the 9th review and is now objecting to even very small exemptions, which have no revenue impact but are important to put the country on development and growth. We cannot accept every demand of the IMF, he added.
Separately, Moody’s Investor Services said on Thursday Pakistan’s ability to secure loans from bilateral and multilateral partners will “be severely constrained” until a new programme is agreed with the IMF.
The resumption of the IMF programme, which has remained stalled since November last year, is crucial for the cash-strapped economy.
Internationally, the US dollar was last roughly 0.1% higher at 140.42 yen.
The US Federal Reserve left interest rates unchanged, snapping a string of 10 consecutive rate hikes. However, the Fed also signalled that borrowing costs may still need to rise by as much as half of a percentage point by the end of this year.
But a string of data out on Thursday had markets challenging that view, as economic activity in the United States slows and inflation cools.
Oil prices, a key indicator of currency parity, slipped on Friday but remained on track for its first weekly gain in three, supported by hopes that OPEC+ supply cuts and higher demand from top crude importer China will tighten the market in the second half of the year.
Inter-bank market rates for dollar on Friday
BID Rs 287.00
OFFER Rs 287.20
Open-market movement
In the open market, the PKR lost 2 rupees for both buying and selling against USD, closing at 294.00 and 297.00, respectively.
Against Euro, the PKR lost 4 rupees for both buying and selling, closing at 317.00 and 320.00 respectively.
Against UAE Dirham, the PKR lost 20 paisa for both buying and selling, closing at 80.90 and 81.70, respectively.
Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 77.50 and 78.25, respectively.
Open-market rates for dollar on Friday
BID Rs 294.00
OFFER Rs 297.00
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