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IMF agreement news brings US Dollar down

The greenback loses 50 paisas against Rupee in open market

SAMAA | - Posted: Nov 22, 2021 | Last Updated: 2 weeks ago
SAMAA |
Posted: Nov 22, 2021 | Last Updated: 2 weeks ago

Photo: AFP

For the past two months, it was being said that the only thing that can clip the wings of high-flying US Dollar is “a positive news about the International Monetary Fund (IMF) agreement. Today, the news finally came and it created the desired impact. 

In the interbank market, the value of US Dollar dropped by 47 paisa, while in open market its value fell by Re0.5 against the Pakistani Rupee. 

According to the State Bank of Pakistan, the value of US Dollar fell from Rs175.24 to Rs174.77 in the inter bank. In the open market, the value of greenback fell from Rs176.80 to Rs176.50. 

Here are the inter bank rates of major currencies on November 22, 2021:

Currency  Buying
USD 175.00
Saudi Riyal  46.58
UAE Dirham  47.58
UK Pound  234.75
Euro 196.20
Japanese Yan 1.50
AUD 125.50
CAD 136.00

The uncertainty surrounding the agreement between Pakistan and the IMF resulted in speculations which led to the rise in the value of US Dollar.

However today, the IMF has agreed to release the next loan tranche of $1b to Pakistan under the $6bn programme. 

In a statement, the IMF confirmed the “staff-level agreement on policies and reforms needed to complete the sixth review under the EFF (Extended Fund Faciliity).” 

With the news, the market saw unusual fluctuation in the value of US Dollar. At one point, the greenback fell to Rs172, but recovered later in the day. 

According to economic experts, the initial news about the agreement made people sell their dollars, thus its value fell swiftly. However, as the details emerged that the Fund’s executive board is yet to approve the agreement, the Dollar recovered. 

However, Exchange Companies Association Secretary Zafar Paracha said that the value of US Dollar was raised artificially and its value will further decrease once the tranche is released by IMF. 

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