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Dollar rises to Rs175.5 in open currency market

The delay in Pakistan-IMF negations putting strain on Rupee’s value

SAMAA | - Posted: Oct 26, 2021 | Last Updated: 1 month ago
SAMAA |
Posted: Oct 26, 2021 | Last Updated: 1 month ago

The value of the US dollar has been continuously rising over the past several weeks, and it seems there is no stopping for the greenback. 

In the open currency market, the value of US dollar against Pakistan’s rupee rose to Rs175.5 on Tuesday. In the inter-bank, the value of the US dollar also surged past Rs175.  

The rise in the US Dollar’s value is being attributed to the delay in IMF program and the stalemate in the negotiations between Pakistan and the Fund. 

The rise in the US dollar’s value is being attributed to the delay in taks over the IMF debt program and a stalemate in negotiations between Pakistan and the Fund.

According to currency market experts, the increase in fiscal and current account deficit is disrupting the balance of payment. Subsequently the foreign exchange reserves are depleting and the value of Pakistani rupee is depreciating.

According to the forex association, the value of the US dollar in the inter-bank touched Rs175, after an increase of 45 paisa from Rs174.55. In the open market, the value of US dollar increased against rupee by 20 paisa from Rs175.3 to Rs175.5.

On October 1, the value of US dollar was Rs172.4 in the open market. Since then, its value has increased by Rs3.1. In the inter-bank, a US dollar equaled Rs170.48 at the start of this month.

Economic expert Abdul Azeem told SAMAA Digital that the rapid rise in oil and commodity prices in the international market was pushing up the import bill and widening the current account deficit.

Azeem said that unless the IMF negotiations yielded a positive result, the rupee will remain under pressure.  “Pakistan also has to issue Sukook bonds worth $ 3.4 billion and for that the IMF program is important as it [the program] creates a good impression,” said Azeem.

He hoped for a positive development in negotiations between Pakistan and the IMF in a day or two.

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