Rupee further recovers 20 paisa against US dollar
The rupee has regained its value by Rs6.25 from its historical low of Rs164.05 in the previous week.
KARACHI (Dunya News) – Pakistani rupee on Wednesday further recovered its value against the US dollar by 20 paisa in the interbank market, and traded at Rs157.80.
The rupee has regained its value by Rs6.25 from its historical low of Rs164.05 in the previous week.
Consequently, Pakistan external debts have been reduced by more than Rs500 billion.
On Friday, the rupee registered slight gains against the US dollar in the interbank market, as the price of dollar decreased by Rs4 to close at Rs160.05 at the end of the business week.
According to economic experts, as the International Monetary Fund (IMF) is likely to approve a bailout package of $6 billion for Pakistan on Wednesday (today) – and to comply with its conditions, Pakistan has already met the required terms and
conditions – there would be significant affects of the package on the value of the currency and the state’s economy.
The investors were worried after rupee devalued rapidly in the last week; however, after passing of the budget and a slight recovery of the greenback has provided a much-needed relief.
On Thursday, the value of the US dollar against the rupee touched another historical high as the greenback hit Rs162.16 in the interbank market after rupee devalued by Rs5.18 from a day earlier. In the open market, the greenback was being traded at Rs162 after gaining an increase of Rs4.8 against the rupee.
The significant hike in the value of the US dollar had raised fears that prices of essential commodities, particularly imported products, would follow the similar trend.
According to experts, the government must ensure implementations on economic policies after the deal with the International Monetary Fund (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.
