Islamabad, 4 January 2023 (GNP): According to reports, the Pakistani rupee fell in value on the first working day of 2023 by 0.22 (Rps 0.51) to a three month low at Rs226.94 against the US dollar in the inter-bank market on Tuesday. The Pakistani rupee recovered to Rps 217.79 last year in October over the period of three months. It has since then dropped by 4% (Rps 9.15) and now stands at Rs 226.94.
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According to economists, the rupee will continue to depreciate against the dollar, considering the International Monetary Fund’s (IMF) condition of a market-based exchange rate for continuing its $6.5 billion loan programme to Pakistan.
A finance analyst stated regarding the situation: “The rupee is falling due to low foreign exchange reserves and high demand for import payments and debt repayment.” According to reports, Pakistan’s foreign exchange reserves have depleted to a nine-year low at $5.8 billion while the government currently needs $73 billion to repay the foreign debt over three years till the end of the financial year 2025.