The news of a further hike in interest rates further boosted the value of the dollar in the currency market. The decline in the value of the rupee continued on Thursday as the value of the dollar got appreciated by Rs 3.88. The US dollar traded at Rs283.50 against the local currency.
Yesterday (March 8, Wednesday), the value of the dollar increased by Rs1.25 and traded at Rs279.12 in the interbank market. while In the open market, the dollar rose by Rs2.28.
Currency dealers briefed that a buying trend for the dollar has intensified due to the delay in agreement with the International Monetary Funds and news of further hikes in interest rates.
Secretary General of ECAP, Zafar Paracha, while talking to the media said that delay in the IMF agreement has depreciated the rupee. According to Paracha, the uncertainty in the market would prevail until the IMF agreement is not signed and other fellow countries don’t send payments.
He also said that Pakistan is under pressure as IMF and foreign investors are pushing the country to depreciate the rupee in return for investment. Zafar Paracha expressed that finalising the IMF accord is necessary for currency stability.
Leave a Reply