US dollar takes a breather against Pakistani rupee
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The upward trajectory of the US dollar is currently adopting a no-holds-barred trend in the backdrop of sluggish rupee which has shed another 40 paisas against the greenback as the interbank trading began on Friday but later the Pakistan currency hit back and scored a meagre gain of 10 paisas against the greenback, reported 24NewsHD TV channel.
The rupee which showed a pathetic performance all week long and hit the psychological barrier of Rs200 mark yesterday, was slumped again during the morning trading activity as according to the forex dealers the dollar traded at Rs200.40, up by 40 paisas but later it lost today's gains and instead 10 paisas further against the Pakistani currency.
The slump of spineless rupee seems to be uncontrollable as its slide is becoming sharper and sharper with every passing day.
Though the government economic team is currently engaged in talks with the International Monetary Fund for the revival of its loan progrmamme stalled after the POL and energy subsidy package announced by the Imran Khan-led government, the negative market sentiment is showing that it is not getting good vibes from the current parleys.
In order to halt the depleting foreign exchange reserves, the government on Thursday announced a complete ban on the import of luxury items to tide over the crunch facing the economy in the shape of rising imports and reducing exports which are ballooning our trade deficit and putting country to face balance of payments crisis.
Yesterday, the foreign exchange reserves of the central bank further declined by $145 million to $10.16 billion during the week ended on May 13, as was announced by State Bank of Pakistan.
The total reserves of the country were declined to $16.16 billion while the holdings of the commercial banks were $5.997 billion during the week.
Reporter Habib Khan