The Pakistani rupee marginally reduced against the US dollar, depreciating 0.01% in the inter-bank market on Friday.
At close, the local unit settled at 279.36, a loss of Re0.03 against the greenback, as per the State Bank of Pakistan (SBP).
On Thursday, the rupee improved marginally to settle at 279.33 against the US dollar, according to the SBP.
In a key development, Bloomberg News, citing a Pakistani official, reported on Thursday that Pakistan plans to seek a new loan of at least $6 billion from the International Monetary Fund (IMF) to help the incoming government repay billions in debt due this year.
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The country will seek to negotiate an Extended Fund Facility with the IMF, the report said, adding that the talks with the global lender were expected to start in March or April.
Moreover, the country’s total liquid foreign reserves decreased by $44 million to $8.012 billion during the week ended on February 16, 2024 due to debt repayments.
Globally, the yen headed for a fourth weekly drop on the dollar as investors chased better yields just about everywhere but Japan, wagering rates there would stay near zero for some time.
The greenback is the best performing. The dollar gained 0.1% to trade at 150.41 yen this week.
Oil prices, a key indicator of currency parity, were on track on Friday to snap a two-week winning streak after the US central bank indicated interest rate cuts could be delayed by at least two more months, but indications of healthy fuel demand and supply concerns could revive prices in coming days.
Brent crude futures were down 44 cents, or 0.5%, at $83.23 a barrel at 0524 GMT on Friday, while US West Texas Intermediate crude futures were 48 cents, or 0.6%, lower at $78.13.