Dollar free fall continues, trades at Rs223 in interbank

Dollar free fall continues, trades at Rs223 in interbank

KARACHI – Pakistan’s currency rose 5.79 rupees in early morning interbank trading as local businesses continued their fifth straight win against the dollar on Thursday. $ he was trading at Rs223.

rupee closed at 228.80 on Wednesday after hitting a new high against the foreign currency. The dollar fell 4.19% against the rupee, its highest since 2 November 1998, when the dollar fell 5.10 rupees.

Local businesses are gaining ground on rising exporter inflows and lower import payments, financially troubled country nearing International Monetary Fund (IMF) bailout boosting sentiment I expect The latest trade data showing a decline in imports also helped the rupee’s appreciation.

Speaking to Geo News today, Malik Bostan, chairman of the Pakistan Stock Exchanges Association (ECAP), said it would take time for the current government pledges to materialize, but this time Mikhta Ismail finance It actually fell by $2 billion just days after the minister said Pakistan’s import bill would be passed.

Imports fell 38.3% month-on-month after the government banned a range of luxury goods to protect against a dollar shortage in the economy, according to data from the Pakistan Bureau of Statistics (PBS).

Separately, Chief of Defense Staff (COAS) General Qamar Javed Bajwa recently spoke with Assistant Secretary of State Wendy Sherman to facilitate the revival of the IMF’s lending program.

Bostan said Pakistan issued a statement soon after that it had met all the requirements of the expanded fund facility combined with his seventh and his eighth reviews.

The IMF’s representative to Pakistan, Esther Perez Ruiz, said in a statement on Tuesday that the Executive Board meeting is tentatively scheduled for late August, once sufficient funding commitments are confirmed.

If the IMF releases her $1.2 billion in late August, Mr. Bostan said the dollar could fall to $190-180 against Pakistani rupees to a record high. said to continue.

“…that was the actual level of the dollar. Before the political unrest in the country and the Punjab by-elections that disrupted everything, including the markets, the dollar was not so high.

Currency traders used to say She added that there were concerns about whether the government would survive, but now the coalition has decided to appeal to the Supreme Court following the Pakistan Electoral Commission’s ruling banning PTI funding. Been here to stay.

Credit/Source : THENEWSPK

 

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