Rupee weakens against US dollar by 30 paisa in interbank market

In the open market, the greenback gained by Rs1 and reached Rs159.75.

LAHORE (Dunya News) – The Pakistani rupee on Friday lost its value by 30 paisa and hit Rs158.79 against the US dollar in the interbank market.

In the open market, the greenback the same and was traded at Rs159.75.

On Thursday, despite after receiving the first tranche of $991.4 million from the International Monetary Fund (IMF), the Pakistani rupee on Thursday further lost its value by 61 paisa and hit Rs158.49 against the US dollar in the interbank market.

In the open market, the greenback gained by Rs1 and reached Rs159.75.

The stringent conditions – on which the global moneylender has formally approved the bailout package of $6 billion for Pakistan – seem to have exerted more pressure on the local currency.

Economists are of the view that effective measures must be implemented on the priority basis to recover the state from the balance of payment deficit.

They termed ‘balance of payments deficit’ as the main reason in the recent hike in the value of the US dollar.

Moreover, the state’s exports and investment are required to grow significantly, and the imports must be reduced to remove pressure on the local currency.

According to experts, the government must ensure implementations on economic policies after the deal with the IMF.

It is anticipated that the US dollar rate would fluctuate for some time, and the value of the Pakistani rupee would stabilise after proper implementation of the economic policies.