Monday July 22, 2024

Rupee ends weaker

By Our Correspondent
March 28, 2023

KARACHI: The rupee fell in its value against the dollar on Monday as investors became uneasy amid a continued delay in the resumption of the International Monetary Fund (IMF) programme.

In the interbank market, the rupee ended at 283.58 per dollar, 0.13 percent weaker than the previous close of 283.20. The rupee lost 50 paisas to close at 286.50 per dollar in the open market.

Analysts said the market was expecting the IMF bailout programme to revive last week, and further delays caused the rupee to lose ground against the dollar. Almost all requirements have now been fulfilled, including the upward revision of energy prices, the raising of the general sales tax, the imposition of additional taxes, the adjustment of the currency, and the increase in interest rates. However, there were no indications that the pending staff level agreement with the IMF would be reached soon. “Despite the painful fiscal adjustments and monetary policy tightening, IMF programme remains suspended,” said Alfalah Securities in a note.