With the approval of the loan package from Saudi Arabia, the pressure on the Pakistani rupee has eased since Wednesday and the depreciation of the Pakistani currency against the dollar has also stopped.
Talking to media on Monday, Finance Advisor Shaukat Tareen said that matters with the IMF have been settled and the agreement is expected this week. After which, on Monday, the dollar fell 30 paise in the open market and 66 paise in the interbank market to 171.70 and 171.10 rupees.
The dollar was down by Rs 2.49 in the interbank market on Wednesday while it was down by Rs 1.70 in the open currency market. Similarly, on Saturday, the dollar was trading at Rs 172 after falling by 50 paise in the open market.
Economists say rising prices for other commodities, including crude oil, in the global market have boosted imports, leading to a widening trade and current deficit and talks with the IMF to control the deficit. Are happening
Delays in talks with the IMF have led to a decline in foreign exchange reserves and pressure on the rupee, but the dollar continues to depreciate following a 2 4.2 billion aid package from Saudi Arabia.
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