April,11(A. E Report)—— Pakistani rupee took a significant dip of 0.85 percent by opening week against US dollar in inter-bank market and closed at 287.09, down 2.44.
Rupee depreciated 0.3% to close at 284.65 last week. The currency fell in four of five sessions with the only gain being on Thursday, the day when a finance ministry official said the International Monetary Fund (IMF) had indicated that it has gotten a financing assurance from Saudi Arabia.
On Saturday, Finance Minister Ishaq Dar said the staff-level agreement between Pakistan and the IMF was taking time solely because of delay in confirmation of funding from a friendly country.
The financing confirmation would bridge Pakistan’s external account gap and meet the last condition of the IMF.
Until then the currency is likely to remain under pressure.
Meanwhile, Coordinator to the Prime Minister on Economy and Energy Bilal Azhar Kayani on Sunday said that the government successfully averted the default position and expressed optimism for increase in foreign exchange reserves with reaching a staff level deal with the IMF.
Internationally, the US dollar started the week on the front foot after US jobs data pointed to a tight labour market, firming up expectations that the Federal Reserve will again raise interest rates at its meeting next month.
In the currency market, the dollar index, which measures the US currency against six major peers, rose 0.225% to 102.25, lifting away from the two-month low of 101.40 the index touched last week
Pakistan Rupee Exchange Rate