US dollar declines 34 paisas in interbank market
The dollar remained unchanged in the open market and closed at Rs158.90.
KARACHI (Dunya News) – The US dollar depreciated on Friday Thursday against the Pakistani rupee, declining 34 paisas in the interbank market to close at Rs158.23.
However, the dollar remained unchanged in the open market and closed at Rs158.90.
On Wednesday, the US dollar depreciated by 10 paisa against the Pakistani rupee and hit Rs158.90 in the open market.
On the other hand, the dollar lost its value by two paisa against the Pakistani rupee and hit Rs158.57 in the interbank market.
In the earlier weeks, the rupee had been observed to cumulatively depreciate against the greenback, which in turn had resulted in increased prices of goods and hardships for the general public.
The SBP let the rupee depreciate significantly in the inter-bank market after finalising an agreement with the International Monetary Fund (IMF) for a loan programme on May 12.
The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar.
On the other hand, the World Bank Group has also supported the idea of leaving the rupee free from state control in an attempt to give much-needed boost to exports and fix a faltering economy.
In previous weeks, the local currency depreciated massively despite receiving the first tranche of $991.4 million from the International Monetary Fund (IMF).
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.
The gradual drop in the rupee had come due to high demand for the dollar against thin supply as the country continued to make aggressive international payments to partially pay off huge foreign debt and for imports.
