F.P. Report
KARACHI: There was no let-up in the US dollar taking big strides against the Pakistani rupee as the dealers got down to business on Wednesday morning.
The US dollar on the onset of the intrabank trading soared by massive one rupee and 31 paisas against the Pakistani currency, smashing through the Rs185 barrier.
The dollar was being traded at Rs185.75, a healthy again as far as its previous day’s closing rate was concerned which was Rs184.44.
The greenback gained value for the third straight day after suffering heavily at the hands of the Pakistani rupee during the previous week.
During the last three days of business, the US dollar has gained four rupees and 20 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 last night.
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 will join the talks via a video link.
The meeting is expected to discuss the proposals for the next national budget.
