dollar continued rise against Pakistani rupee on Thursday, increase past 207 rupees in interbank trade.
Foreign currency recorded growth of Rs 1.29 compared to yesterday’s rate, reaching Rs 207.75, foreign exchange dealers said.
According to the State Bank of Pakistan (SBP), on On Wednesday, the local currency lost 1.3 rupees (or 0.63%). against The dollar closed at Rs 206.46.
The Pakistani rupee closed at Rs 205.16 the day before.
Traders said the rupee is losing ground due to balance of payment crisis and the reduction of foreign exchange reserves. But the comments of the International Monetary Fund on measures announced in in budget added new pressure on domestic currency.
The IMF asked Pakistan to take “additional measures” to strengthen budget and bring it in line with in key goals of fund program.
Previously talking to Geo.tvArif Habib Limited Chief Executive of Researcher Tahir Abbas recalled that finance minister, in in post-budget press conference on On Saturday, said the IMF had raised concerns about budget figures, including fuel subsidies, expansion current account deficit and need raise more direct taxes.
analyst said: “uncertainty in in market started from then on.” He further defined quarter-Cessation of payment pressure on imports as another key factor behind this is decline.
Abbas predicted that the local currency would remain volatile for last month of outgoing fiscal year 2021-22 – June.
