The US dollar on the first business day of the trading week gained whopping Rs4.30 paisas against the Pakistani Rupee to reach Rs215.25 in interbank trading, reported 24NewsHD TV channel.

The US dollar closed at Rs215.20 after an increase of Rs4.25 in interbank trading.  

Pertinent to note that the US dollar gained Rs33.23 so far in three months against the local currency since this coalition government came into power.  

The American currency has crossed the psychological mark of Rs215 for the first time in interbank trading and reached Rs215.25. 

US dollar initially reached Rs211.50 but after some time it reached Rs212.50 and then with a jump of  Rs4.50, it reached Rs215.25 and later closed at Rs215.20.

This is a new all-time high record in interbank trading history.  

The closing of last week’ Friday was Rs210.95.

Chairman Wholesale Grocers Association Abdul Rauf said that the trader community has been facing sheer problems in handling their businesses as the US dollar skyrocketed. 

https://twitter.com/StateBank_Pak/status/1548997552166641664

The IMF staff-level agreement provided relief to the local currency but the respite was temporary and the US dollar again on the rising trend against the greenback.

Last week, the IMF confirmed that it had reached a staff-level agreement with Pakistan. 

The deal materialised after the government met the IMF’s demand that the country achieves a primary budget surplus of Rs152 billion to revive the bailout package.

In a statement on its website, the Fund said the agreement was subject to approval by its Executive Board.

“The IMF team has reached a staff-level agreement (SLA) with the Pakistan authorities for the conclusion of the combined seventh and eighth reviews of the extended funded facility (EFF) supported programme. The agreement is subject to approval by the IMF’s Executive Board,” the IMF statement read.

It added: “Subject to Board approval, about $1,177 million (SDR 894m) will become available, bringing total disbursements under the programme to about $4.2bn.”

Reporter Ashraf Khan