Currency Continues to Lose Value as Rupee Against Dollar Depreciates in Open Market
On Tuesday, another blow hit the Pakistani Rupee against Dollar, as the green note rose by Rs. 0.7. This has hit another low in the open market as the Dollar are set to be sold at Rs 134 today.
In the inter bank market, the dollar’s price hiked up by Rs 0.5 to reach Rs 133.75.
Ever since Monday, the US dollar has continued to fluctuate against the rupee, after the latter spiral in the past week between of a bailout package by the International Monetary Fund (IMF).
The Dollar rate increased by Rs 1.43 after rising by Rs 1.57 at first, and was to be traded for Rs 133.40 after closing in at Rs 131.97 on Friday.
After that, a steady increase in the Dollar’s price last week was detected. 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 131.93, down by Rs 1.87.
The Dollar has touched a new height in the open market, by gaining over Rs. 6.50. While in the inter bank market, it had hiked up to Rs 9 to reach Rs 133.64 on Tuesday.
The IMF has asked the country reveal its debts with absolute transparency to the organization in order to receive a bailout package, as the government has been dealing with the challenge of a financial crisis.
If the bailout package is agreed, it would be Pakistan’s 13th IMF bailout since 1988. The Fund lent Islamabad $6.7 billion in 2013.