Pakistan News Service

Friday Mar 29, 2024, Ramadan 19, 1445 Hijri
Logo
LATEST :
Pakistan News Home -> Top -> News Details

Dollar again increased

16 July, 2019

  Related News  
Imran Khan distributed loan cheques under Kamyab Jawan Programme
PTI govt to face all challenges coming its way: Imran khan
  More on this View All

KARACHI: The US dollar gained Rs1.21 against the Pakistani rupee in the interbank market on Monday. The US dollar also witnessed an increase of Rs0.75 in the open market where it was being sold at Rs160.50.

With the increase, the US dollar was being sold at Rs160 in the interbank market.

Last week, Pakistan received the first tranche of a loan of $991.4 million from the International Monetary Fund (IMF) under the under Extended Fund Facility (EFF).

According to the State Bank of Pakistan (SBP), following the loan from the IMF, the country’s foreign exchange reserves now stand at above $15.0431 billion.

The IMF, among other things, requires the government to leave the rates to market forces of demand and supply. This means the central bank would not fix the rate to keep the rupee artificially inflated, something it did in the tenure of former finance minister Ishaq Dar.

Both traders and end users have been closely monitoring dollar rates since the present government’s started its term in August 2018. The dollar was trading at Rs124 when the PTI government was sworn in, but rose by more than 29% to its current value since then.

As Pakistan formally enters the IMF programme, the policy of market-driven exchange rates will remain in place. The State Bank of Pakistan will neither fix the exchange rate nor completely leave it to market forces, Dr Reza Baqir, the SBP governor, said at a recent press conference. “We will keep a close eye on its movement and intervene to avoid any speculative movement and volatility,” he said.

 What do you think about the story ? Leave your comments!

Heading (Optional)
Your Comments: *

Your Name:*
E-mail (Optional):
City (Optional):
Country (Optional):
 
 
Field marked(*) are mandatory.
Note. The PakTribune will publish as many comments as possible but cannot guarantee publication of all. PakTribune keeps its rights reserved to edit the comments for reasons of clarity, brevity and morality. The external links like http:// https:// etc... are not allowed for the time being to be posted inside comments to discourage spammers.

  Speak Out View All
Military Courts
Imran - Qadri long march
 
Candid Corner
Exclusive by
Lt. Col. Riaz Jafri (Retd)
Pakistan itself a victim of state-sponsored terrorism: Qamar Bajwa
Should You Try Napping During the Workday?
Suggested Sites