Rupee Further Gains Against US Dollar

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Islamabad (9Newshd / Pakistanpoint – 3rd Jul, 2019): The Pakistani rupee has gained Rs20 against the US Dollar in the interbank market on Wednesday.

With this slight decline, dollar is being traded at Rs157.80 in the interbank market.

The value of US dollar shed at the start of the trading.

Dollar hit record high of Rs164 in the interbank market last week.

On Tuesday, dollar fell by Rs2.30 against the Pakistani rupee in the interbank  market and was being traded at Rs157.75.

The interbank rate is the benchmark rate to determine the value of dollar and sets the direction for open market rates. Since open market or cash market rate usually remains higher than the interbank rate, the open market is likely to follow a similar trend.

Within just a week, the greenback spiked to new tops touching a historic high of Rs165, which in consequence soared Pakistan’s external debts.

Meanwhile, IMF Executive Board meeting will take place today in Washington and $6 billion bail out package for Pakistan will be given final approval in the meeting.

The IMF board will approve $6 billion bailout package for Pakistan in three years under the extended fund facility.

According to media reports, Pakistan’s representatives will also take part in the  IMF Executive Board meeting. Loan program for Pakistan will be approved in the meeting.

Pakistan has met all the three conditions imposed by IMF during the talks. These conditions include hike in the prices of electricity gas and dollar. For more latest news Pakistan, visit 9newshd.tv

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