Pakistani rupee loses winning streak against US dollar amid speculations
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The Pakistani rupee which was constantly gaining some ground against the US dollar for almost a week, has lost its steam today (Tuesday) as its value has been depreciated by massive 2.38 in the interbank trading, reported 24NewsHD TV channel.
Later, the greenback took its lead to Rs2.38 and ended the day at Rs206.94, the forex dealers said.
In the open market, the US dollar soared by Rs2 and settled the day for Rs207.
Yesterday, the American currency lost 39 paisa against Pakistani rupee and closed at Rs204.56.
According to economic experts, the market sentiments regarding Pakistani currency changed after some news reports doing rounds on social media that the IMF programme being postponed or delayed due to some anti-corruption laws.
Though Finance Minister Miftah Ismail denied the news in his tweet which he posted on Monday but still the market remained jittery.
I have been reading with some amusement all the tweets and stories about IMF program being postponed or delayed due to some anti-corruption law. There is no truth to it. The IMF program is on track. https://t.co/6c0MNvQ0g3— Miftah Ismail (@MiftahIsmail) July 4, 2022
It was observed that after the announcement of the Memorandum of Economic and Financial Policies (MEFP) received from IMF for the combined 7th and 8th reviews on June 28, the rupee started its upward trajectory against the greenback in the interbank market.
Now, experts said the fresh decline in rupee's value was due to repayments pressure and increase in dollar demand.
SBP lends Rs1,186bn to commercial banks
Meanwhile, the State Bank of Pakistan on Tuesday provided Rs1186.40 billion to commercial banks which are facing a dearth of cash for 73 days under the open market operation.
The SBP has lent the money to the commercial banks on 13.97% markup rate.
Reporter Ashraf Khan