Fluctuations in the US dollar rate against the Pakistani rupee continued as the market opened on Monday.
The US dollar rate increased by Rs 1.43 after initially rising by Rs. 1.57 and was being traded at Rs 131.97 after closing at Rs 131.90 on Friday.
Following a steep increase in the US dollar’s price last week, the rupee made a recovery against the dollar in the inter bank market on Friday as it was trading at Rs 132.40 in the inter bank, down Rs 1.40 and closed at Rs 131.90, down by Rs 1.87.
The US dollar had gained by over Rs 6.50 to touch a new high in the open market, while in the inter bank market it had risen by Rs 9 to reach Rs 133.64 on Tuesday.
The Pakistan Stock Exchange (PSX) also shed 476 points as the market opened today and stood at 37,041 points.
Last week, the government approached the International Monetary Fund (IMF) to deal with the prevalent financial crisis. The international lender has asked Pakistan to disclose its debts with “absolute transparency” to receive a bailout package.
If a package is agreed, it would be Pakistan’s 13th IMF bailout since 1988. The Fund lent Islamabad $6.7 billion in 2013.