KARACHI: The rupee ended down against the dollar on Wednesday, as the negotiations between Pakistan and the International Monetary Fund (IMF) ended without any results.

The rupee recorded a decline of five paisas against the dollar to close at Rs227.93 from the previous day’s closing of Rs227.88 in the interbank foreign exchange market.

The dealers said the exchange rate remained under pressure, as the local authorities failed to convince the IMF regarding weak economic conditions of the country.

Reportedly, the recent talks between the IMF and Pakistan authorities had ended without fruitful results. The meeting was aimed at resuming the stalled extended fund facility programme, as Pakistan desperately needed funds to shore up its foreign exchange reserves.

The exchange rate failed to respond to the pledges made at the Geneva conference for the rehabilitation of the flood disaster.

The local currency witnessed an all-time low of Rs239.94 on July 28, 2022.

Pakistan’s total foreign exchange reserves continued to deplete and recorded another fall of $284 million to reach $11.42 billion by the week ended December 30, 2022. The foreign exchange reserves of the country stood at $11.707 billion a week ago, or December 23, 2022.

The country’s foreign exchange reserves hit the all-time high of $27.228 billion on August 27, 2021. Since then, the foreign exchange reserves have declined by $15.806 billion.

Pakistan’s official foreign exchange reserves fell to an alarming level of $5.57 billion by the week ended December 30, 2022.

The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell $245 million to $5.577 billion by the week ended December 30, 2022, compared with $5.822 billion a week ago on December 23, 2022.

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