A foreign currency dealer counts US dollars at a shop in Karachi on Thursday. AFP
According to the central bank, the rupee slid to 200 against the US dollar, showing a steady decline in the value of this Islamic nation’s currency
Investors are concerned as there is speculation in the market that the IMF may not agree to resume the loan programme, following the government's reluctance to implement the prerequisite conditions.
The market is also waiting for the outcome of the meetings held between Shahbaz Sharif and his coalition partners.
The local currency has maintained its downturn as Pakistan resumes talks with the IMF in Doha for the revival of the stalled multibillion-dollar loan programme.
According to a government statement, Pakistan's Finance Minister Miftah Ismail is leading its talks with the IMF. It said these talks, which started on Wednesday, will conclude next week.
Pakistan and the IMF originally signed the accord in 2019, but the release of a key installment had been on hold since earlier this year. That’s when the fund expressed reservations about a delay in Pakistan’s compliance with the conditions of the bailout by the former premier Imran Khan's government.
"The Agreement with the Fund has set the stage to bring country out of economic difficulties," Prime Minister Shahbaz Sharif wrote on Twitter.
On Wednesday, the rupee was trading at Rs225 per US dollar, having ended on Tuesday at Rs221.99 after Fitch ratings agency revised its outlook for Pakistan sovereign debt from stable to negative.
Pakistan’s $33.5 billion external financing needs are fully met for financial year 2022/23, the central bank chief said on Saturday, adding that “unwarranted” market concerns about its financial position will dissipate in weeks.
In his message on 'Youm-e-Takbir,’ he said, "Today in 1998, then prime minister Nawaz Sharif rejected pressures and inducements in a bold show of leadership and made Pakistan nuclear power of the world. Now we are resolved to turn it into an economic power."
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