F.P. Report
ISLAMABAD: The United States dollar on Monday gained record 42 paisas against the Pakistani Rupee and reached Rs279.80 amid the political uncertainty over the government formation.
The PSX-100 index also fell by 455 points as investors struggled to find a trust in investing amid the dwindling state of affairs on the upcoming governments in Center and in Punjab and Balochistan.
Last year in August, for the first time in Pakistan’s history, the country’s currency plummeted in value to more than 300 rupees against the US dollar.
The devaluation of local unit leads to raising fears that everyday items could get more expensive as consumers continue to face back-breaking inflation.
Pakistan has to negotiate with the International Monitory Fund (IMF) delegation for the last tranche of the loan program.
In January, the International Monetary Fund (IMF) board has approved a roughly $700 million loan for Pakistan under a $3 billion bailout, the fund and the finance ministry said on Thursday.
The IMF’s completion of its first review of the programme and the board’s decision brings the total disbursements under the Standby Arrangement (SBA) to about $1.9 billion, the fund said.
“There are now tentative signs of activity picking-up and external pressures easing,” said in a statement Antoinette Sayeh, a deputy managing director at the fund.
