US dollar sprints past Rs200 against Pakistani rupee in interbank trade
PM Shehbaz takes notice of soaring dollar, plummeting rupee: Convenes meeting on state of economy
May 19, 2022 11:19 AM
Despite the start of crucial talks between Pakistani and IMF officials in Doha, there was no let-up in the impressive sprint being displayed by the powerful US dollar against the spineless Pakistani rupee and the situation was not different in the markets on Thursday either as the greenback touched the magic mark of Rs200 in the intrabank trade, reported 24NewsHD TV channel.
The cornered Pakistan rupee was on the receiving end once again as the greenback was appreciated by massive Rs1.61 in value in the intrabank market, skyrocketing to Rs200 in no time and also ended the day at the same rate. The US dollar had smashed the Rs200 barrier in the open market on Wednesday.
The greenback has climbed up by about Rs17 in its value since April 11 last, when Shehbaz Sharif was sworn in as the new prime minister. The dollar rate on April 11 was Rs182.93.
Yesterday, the Pakistani currency also got a ruthless thrashing by the US dollar after crossing the Rs198 mark for the first time in country’s history but was settled at Rs198.39 at the close of business.
In the open market on Wednesday, the dollar had rose by two rupees tearing apart the Rs200 barrier and stopping at Rs200.50.
The experts said that the rise of the US dollar was due to the continued pressure from the import bill on the Pakistani rupee and the depleting foreign reserves.
In a related development, the talks between Pakistan and International Monetary Fund (IMF) began on Wednesday in Doha over the release of crucial funds, a process slowed by concerns about the pace of economic reforms in the country.
Pakistan has repeatedly sought international support for its economy, which has been hit by crippling national debt, galloping inflation and a plummeting rupee.
The talks will be held in the Qatari capital Doha, Pakistan's finance ministry said, and are expected to continue into next week.
A major sticking point is likely to be over costly subsidies -- notably for fuel and electricity -- and Finance Minister Miftah Ismail said he wants the two sides to "find a middle ground".
PM Shehbaz convenes meeting on state of economy
Prime Minister Shehbaz Sharif convened a meeting on the state of economy in the wake of the Pakistani rupee continuing losing value against the US dollar.
PM Shehbaz took notice of the US dollar's continued rise that has just completed its double century against the Pakistani rupee.
The PM will be given a briefing about the economic state of affairs of the country and about the country's import and exports situation.
Sources claimed that the meeting will take an important decision to stop the further advance of the US dollar against the Pakistani rupee.
Shehbaz Sharif is also expected to visit Karachi on Friday (tomorrow) where he will be meeting with business community members. The premier will also chair a meeting on the development projects in Karachi. PM Shehbaz will meet with CM Sindh Murad Ali Shah to chalk out a future course of action.
Reporter Ashraf Khan