Pakistani rupee hammers US dollar heavily
The US dollar was like in a state of freefall as the inter-bank trading opened on Monday after the mega news of Pakistan striking a deal with the International Monetary Fund (IMF) to revive the fund facility programme, reported 24NewsHD TV channel.
The greenback straightaway lost Rs2.19 against the Pakistani rupee as the business started in inter-bank trading. After suffering heavy loss, the US dollar plunged to Rs173.05, two rupees and nineteen paisas down from yesterday’s value of Rs175.24.
At the closing time US dollar recovered its value and reached Rs174.77 after losing 47 paisas in the inter-bank trading.
The IMF in its statement observed that inflation remained high, although it should start to see a declining trend once the pass-through of rupee depreciation is absorbed, and temporary supply-side constraints and demand-side pressures dissipate.
Economic experts had opined that the rupee was under pressure due to the increasing demand for the greenback. There was a trend for demand of the dollars keeping in view the import payments, they added.
The advisor said the dollar would fall after the agreement with the International Monitory Fund (IMF). He said that the IMF had called for five precautionary measures before the deal, according to which, Pakistan had already increased electricity prices.
Reporter Ashraf Khan