Delay in IMF review causes rupee to slide by 22 paisas against US dollar

Business Desk
KARACHI: A delay in completing the ninth review by the global financial institution, International Monetary Fund (IMF), the Pakistan’s rupee was dragged by the US dollar on Monday, losing about 0.1% of its value.
Data released by the State Bank of Pakistan (SBP) on Monday showed that the value of rupee slid by Rs0.22 from Rs223.69 to Rs223.91 during interbank trading.
As per the data released by the State Bank of Pakistan (SBP), the value of rupee had remained stable on Thursday and Friday, with the spot rate rooted to Rs223.69 in the interbank market.
This stability came after the dollar had appreciated by 0.12% on Thursday.
Earlier on Monday, the rate of rupee showed zero difference in its value for the third consecutive day and stayed largely stable at Rs223.95 against the US dollar in the interbank.
In the open currency market, the value of rupee remained unchanged at Rs231.50, respectively. The rate to buy the US dollar also stayed at Rs229.25.