Karachi: Dollars continued to fly in the interbank and open markets on Wednesday after the IMF imposed new conditions on Pakistan.
According to Express News, despite the IMF’s strict instructions to leave the exchange rate in the foreign exchange markets to market forces on a real basis and most of the required conditions have been met, there are reports of no staff level agreement this week due to the new conditions of the IMF. The flight of the dollar continued for the second day on Wednesday.
Due to which the interbank rate of the dollar has exceeded 265 rupees, while the open rate reached the level of 274 rupees.
In this way, the Pakistani rupee has devalued by 2.35% against the dollar in the last two days.
At the beginning of the business period, the value of the dollar decreased by 50 paise at one point, but after some time, the dollar began to fly, which increased the value of the dollar by 5 rupees to the level of 266.50 rupees. At the end, the value of the dollar closed at the level of 266.11 rupees with an increase of 4.61 rupees in the interbank market.
Similarly, in the open currency market, the value of the dollar closed at the level of 274 rupees with an increase of 7 rupees.
Market sources say that due to political instability in the country, the IMF loan program agreement is also being delayed and import payment pressures are also increasing. The absence of inflows and the uncertain environment regarding the future of the economy has increased the demand for the dollar, which again seems to be out of control. Experts say that import activity is almost frozen at present, due to which the dollar has been depreciating for the past few weeks.
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