KARACHI: Dollar flight continued unabated and made heavy dents in the domestic currency for the fourth time since December and on first day of the new week received a fresh jolt dropping by almost 5.3 percent.
The rupee at the interbank started journey with a bang and during the mid-session it around 125 and in just few minutes it gained Rs 3.50 to a dollar. But pressure mounted and banks in haste wanted to buy available dollars from the market which accelerated the pace and it closed at Rs 128, where green back gained almost Rs 6.45 or 5.3 percent.
One day gain in dollar expected to add pressure on the debt repayments schedule where the economic managers has to arrange Rs 580 billion to clear pile of debts.
Since December, the rupee saw volley of four depreciation of an average more than four percent in single session. Where according to analyst the currency in the past depreciated by five percent in per annum some five years back.
Since December dollar registered an increase of Rs 22.50 or 21 percent while debt payment pressure rose by Rs 2000 billion.
An analyst said that pressure on the currency mount following the speech delivered by the care taker finance minister Dr Shamshad Akhtar that spade work to enter in IMF would be prepared by the present government so that new government if they want to enter the program they could easily sail.
“This was enough to hint that all not well with the economy as reserves have fallen sharply since October and now the country less than one and half months to cover the import bill”, said the same analyst.