Interbank trading saw the dollar rise to Rs209

Friday saw the dollar continue to rise against the Pakistani rupee, rising to Rs209 in interbank trading.

Interbank trading

According to Pakistan’s Forex Association, the US dollar was trading at Rs209 on Friday afternoon.

The Pakistani rupee fell by Rs1.21 (or 0.58 percent) on Thursday, according to the State Bank of Pakistan (SBP).

The rupee fell by 1.3 rupees (or 0.63%) versus the US dollar on Wednesday, ending the day at 206.46 rupees.

As a result of India’s balance of payment issue and decreasing foreign currency reserves, traders say the rupee has been losing strength. In any case, the IMF’s comments on the budget’s proposed measures pushed the native currency even more under pressure.

The International Monetary Fund (IMF) has requested that Pakistan adopt “additional steps” to enhance its budget and make it in line with the program’s major goals.

At a post-budget press conference held on Saturday, the finance minister said that the IMF had expressed concerns about budget numbers, including fuel subsidies, a widening current account deficit, and the necessity of raising more direct taxes. Arif Habib Limited Head of Research Tahir Abbas previously spoke with about this.

Since then, according to the expert, “the market has began to experience uncertainty.” He also pointed to import payment pressure at the conclusion of the third quarter as a contributing reason.

The local currency, according to Abbas, will remain volatile in June, the last month of the departing fiscal year 2021-22.

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