Federal Budget

Dollar dips by Rs2.71 in interbank market

Dollar dips by Rs2.71 in interbank market

Business

100-point index opens with a rise of 415 points

KARACHI (Dunya News) – The greenback on Monday dipped another Rs2.71 against the rupee in the interbank market after the market had witnessed an Rs9.34 slump in the dollar’s exchange rate over the past two working days.

The week started with the dollar’s depreciation bringing it to Rs275.75, down from Rs279.

Read Also: Rupee depreciation takes heavy toll on investors in Feb 2023

On the other hand, the stock market also opened positively with a rise of 415 points taking the 100-point index to 41,752. 

 

Rupee saw a historic downward trajectory against the US dollar after the country's economy went teetering with some claiming the country was on the verge of default. However, government officials time and again detested the notion of demanding time to bring the economy to its better shape whilst on the other hand, blaming the economic collapse on the previous government's policies.

 

Pakistan is in talks with the International Monetary Fund (IMF) over securing a tranche of $ 1.1billion of the $7bllion loan. But, the country failed to reach a staff-level agreement (SLA) with the global lender raising concerns of an economic default. Meanwhile, the government is imposing stringent conditions imposed by the IMF ahead of the SLA including imposing taxes on different items, maintaining interest rates, and others.

However, Finance Minister Ishaq Dar had, earlier, claimed that Pakistan’s negotiations with the IMF were about to conclude and Staff Level Agreement with the fund was expected this week.