The US dollar has continued its skyrocketing as it has gained a massive Rs2.04 in its value against the Pakistani rupee in the interbank trading delivering it a heavy blow.
The dollar lost some momentum and depreciated by 25 paisas at the opening of trading on Tuesday morning, trading at Rs209.71. However, the American dollar came back and gained Rs2.04 in morning trade action on Tuesday, starting trading at a historic Rs212.
Yesterday, the rupee was weakened by Rs2.55 and the US dollar reached Rs210.03 against Friday’s close of RS207.75. But later towards the close, the US currency slid to Rs209.96.
Interbank closing #ExchangeRate for todayhttps://t.co/4qF2RMLWU8 pic.twitter.com/QKmi1ITmLE
— SBP (@StateBank_Pak) June 20, 2022
Financial experts said that the uncertainty over the deal with the International Monitory Fund (IMF) was putting pressure on the local currency.
Since the beginning of this fiscal year (July 1, 2021) to date, the rupee has collectively dropped by over 30% (or over Rs52) compared to the previous fiscal year’s close at Rs157.54.
Finance Minister Miftah Ismail stated on Monday that Pakistan would reach an agreement at staff-level with the International Monetary Fund in a day or so for the revival of the Extended Fund Facility (EFF).
Speaking to reporters after a meeting of the Senate standing committee on finance, the minister said he hoped to reach an agreement in a day or so with IMF staff on the revival of its programme that had been suspended after the previous government reneged on its commitments.
