Pakistani rupee continues to fall against USD in interbank

KARACHI:The Pakistani rupee continued its downward trajectory against the US dollar in the interbank market, SBP report said Wednesday.

According to the State Bank of Pakistan, the local unit (PKR) lost Rs0.32 against USD to close at 286.88. The US dollar closed at Rs286.56 the other day. The surge dollar rate was witnessed following a deadlock over the IMF deal and ongoing political unrest in the country.

The International Monetary Fund (IMF) in fresh contact with Pakistan has demanded to slash expenditures of the federal and provincial governments, it emerged. The IMF in pre-budget talks has also demanded to fix the tax revenue target above Rs. 10,000 billion, according to sources.

Furthermore, the federal government is considering increasing the levy on all petroleum products to fulfil another demand that the International Monetary Fund (IMF) set in the FY-2023-24 budget.