Dollar thrashes rupee in interbank
trade, the US Dollar maintained its upward trend against the Pakistani Rupee and increased by a record-breaking 34 paisas. At the end of interbank trading, the value of a US dollar against the Pakistani Rupee was Rs287.97; however, the open market price is Rs298. However, the local currency recovered by a whopping Rs7 in the open market and closed trading at Rs298 from Rs305. According to reports, banks increased the supply of dollars on the State Bank of Pakistan’s orders.
In light of the faltering expectations around the Staff Level Agreement (SLA) between the International Monetary Fund (IMF) and the government for the ninth review of the multibillion-dollar loan program, it is important to highlight that local unit devaluation has continued. The public was recently informed by Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar that the Pakistani government had met all of the requirements of the international lender and that the IMF was now the cause of the “delay.”