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Dollar price goes up by Rs2.5

May 15, 2019

The price of a dollar rose by Rs2.5 on Wednesday to touch Rs146.25 in the open market. 

The rise comes shortly after Pakistan and the IMF signed a three-year deal for $6 billion on Monday.

One condition of the programme is having flexible exchange rates. This means the government should not intervene in the foreign currency market and let the forces of demand and supply decide the dollar’s rate against the rupee.

Related: Brace for impact as IMF presses for painful reforms

In the previous government, former finance minister Ishaq Dar had artificially inflated the rupee at a time when all currencies pegged against the dollar were depreciating. The dollar has already become 25% more expensive since December 2017, but experts say its rate may increase by another 5% to 10% under the IMF programme. On Monday, the dollar rose to Rs143.5 in the open market on Monday, up Rs1 from the previous day’s tally.

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Dollar, rupee, IMF, Pakistan, currency rate