Dollar loses 29 paisas against rupee

By: News Desk      Published: 11:50 AM, 17 Feb, 2021
Dollar loses 29 paisas against rupee

The price of a US dollar in the interbank market came down by 29 paisas on Wednesday to reach Rs159.28 from Rs159.57, reported 24NewsHD TV channel.

Terming the agreement reached between Pakistan and the International Monetary Fund (IMF) on the loan’s installment a major development, economic experts expressed the hope that there would be further improvement in the Pakistani rupee’s value in the coming days.

Asad Rizvi, an economist, has said slight improvement has been witnessed in the rupee’s value, and that country’s settlement of the dispute with the IMF on the loan’s installment was a major step. “The rupee will further strengthen after Pakistan received $500 million following IMF Board’s approval,” he said, and added, “This will result in an increase in foreign remittances, reduction in current account deficit and increase in exports.”

Rizvi further said this was also important that the IMF had expressed satisfaction over the Pakistani rupee’s value and the policy rate.