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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Pakistani rupee seen stabilising after IMF agreement Reuters - 1 hour 25 minutes ago KARACHI, Nov 17 - The Pakistani rupee should stabilise in the short term after the country agreed with the International Monetary Fund on a $7.6 billion emergency loan to stave off a balance of payment crisis, analysts said. The IMF said on Saturday its executive board is expected to meet shortly on the 23-month standby credit after IMF and Pakistan agreed on a reform programme. [ID:nSP264891] "Rupee should be stable in the short-term on primarily improvement in the sentiment as the uncertainty is now over," said a currency dealer. Pakistan had been in talks with the IMF for months, but officials had been coy about admitting they were seeking an IMF package because of the harsh conditions the Fund often proposes. The rupee lost 23 percent against the dollar since the start of the year. However, analysts said the rupee would only stabilise in the long-term when there is an improvement in inflation and the current account deficit. "We cannot expect exchange rate stability to continue in the medium term unless there is marked improvement in the current account deficit and inflation goes down," said Asif Qureshi, head of research at Invisor Securities Limited. Pakistan is facing inflation over 25 percent, widening current and fiscal deficits and foreign reserves just enough to cover nine weeks worth imports. The government's top economic advisor, Shaukat Tarin, said the formalities of the IMF deal should be concluded next week and the first tranche might arrive within this month. The interest rate on the credit facility would vary between 3.51 and 4.51 percent which changes according to market conditions and would be payable between fiscal 2011/12 and 2015/16, Tarin said. Potential donors including Saudi Arabia, China and the United States are gathering in Abu Dhabi on Monday for a Friends of Pakistan conference but government officials said they are not expecting any concrete financial pledges from them at the meeting. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Japan's economy shrinks in 3Q; enters recessionAP - 49 minutes ago Palm oil prices to plunge due to oversupply, lower demand: reportAFP - 1 hour 10 minutes ago Financial overhaul added to Obama's to-do listAP - 1 hour 15 minutes ago BHP maintains iron ore output amid deferralsReuters - 1 hour 23 minutes ago Pakistani rupee seen stabilising after IMF agreementReuters - 1 hour 28 minutes ago Most Popular – Business Viewed US space-funeral company plans to launch lunar cemetery Obama thinking big, despite crisis Earth would be heading to a freeze without CO2 emissions Prince Charles wants to speak out as king: biographer Democrats face White House opposition to new economic plan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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