US dollar delivers another heavy punch to Pakistani rupee

F.P. Report

KARACHI: When the US dollar takes on the rival currencies, there was no easy to halt its rollercoaster rise as it was being witnessed in the case of Pakistani rupee which has been suffering for the fourth consecutive day.

As the intrabank traders took positions on Thursday, the greenback shot up to Rs187.25 within no time logging a rise of Rs1.33.

The US dollar crossed the Rs187 barrier easily with a health gain of Rs1.33. The previous day’s closing rate was Rs185.92.

The greenback gained value for the fourth straight day after suffering heavily at the hands of the Pakistani rupee during the previous week.

During the last four days of business, the US dollar has gained five rupees and 70 paisas.

Since the new government came into being, the US dollar lost almost eight rupees as before that the American currency was inching towards the Rs190 against the Pakistani rupee.

Economic experts were of the view that the Pakistani rupee was under immense pressure due to the skyrocketing import bill and over debt repayments.

The new surge in the US dollar rate was apparently due to the upcoming talks between the Pakistan government and the International Monetary Fund (IMF).

The seventh Pakistan-International Monetary Fund (IMF) review talks got underway in Washington DC the other day.

State Bank of Pakistan (SBP) Governor Raza Baqir has reached Washington to attend the talks, which will continue until April 24, while Federal Minister for Finance Miftah Ismael also left for the US to join the talks hoping to revive the programme.