Amid persistent delay in the resumption of IMF loan programme, the rupee under renewed pressure on Monday, losing 0.82%, or Rs2.32, to Rs284.03 against the US dollar in inter-bank market.
On Thursday and Friday, the currency had cumulatively recovered 0.40%, or Rs1.14, at Rs281.71 against the greenback
Market talk suggests the revival of IMF programme is being delayed because of no firm financing commitments of around $6-7 billion from friendly countries.
A financial expert said, “The government has very little time left ahead of general elections, then why they would give commitments to the outgoing government.”
Another commentator said that it could take one day, one month or one year in winning financial commitments from the friendly states.
Published in The Express Tribune, March 21st, 2023.
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