KARACHI: Despite the announcement of an agreement with the International Monetary Fund to revive Pakistan’s debt program, the value of the rupee could not improve. The US dollar has once again jumped higher against the Pakistani rupee to touch an all-time high. “The US Dollar hit a new All-Time high in the Interbank Mrket”
On the first day of the business week, the dollar increased by Rs 5.6 paisa against the rupee in the interbank market, increasing the value of the dollar to Rs 216.01, while the dollar was also selling at more than Rs 216 in the local open currency market.
The US Dollar hit a new All-Time high in the Interbank Mrket
On the other hand, the Pakistan Stock Exchange is also witnessing a bearish trend on the first day of the business week, where the index lost the psychological level of 42 thousand points and the 100 index reached the level of 41300 points.
It should be noted that the announcements of the loan program agreement from the IMF did not have a tangible impact on the market, while forex dealers say that the sale of dollars after external disbursements, dwindling foreign exchange reserves, remittances and exports will be beneficial. However, due to the lack of money, the value of the dollar is increasing. Until the foreign exchange reserves stabilize, the Pakistani rupee is likely to remain under pressure.