The US dollar surged against the Pakistani rupee in the open market on Monday, with a selling price of 305 rupees. This reflects the growing demand for US currency in the open market.
The US dollar rose again against the Pakistani rupee. This increase in value was observed on the first working day of the week.
On the other hand, the value of the dollar is also on an upward trend in the interbank market where financial institutions trade. The Pakistani rupee fell 0.32 rupees against the US dollar.
This decline reflects the relative depreciation of the rupee compared to the US currency.
The main reason for the surge in dollar value is believed to be the high demand and limited supply of dollars in the market, dealers said.
Currency dealers have seen a significant increase in demand for dollars, while supply remains relatively low.
Related article: Rupee Freefalls to 285.68 vs USD in Interbank Trading
The devaluation of the Pakistani rupee continued in the interbank market, with the local currency reaching 285.50 rupees after depreciating by 30 paisa against the US dollar on Friday.
On Thursday, the Pakistani rupee rallied not only in interbank trading, but also in open market trading as the US currency was hit hard.
The value of the US dollar fell by 47 paisa in interbank transactions to reach 288 rupees against the Pakistani rupee, but the US dollar fell on open markets amid hopes of a pro-people budget yet to be presented on June 9. It dropped a record 16 rupees to reach 295 rupees.
Earlier, Finance Minister Aisha Gauss Pasha called IMF delegation head Nathan Porter’s remarks an act of Pakistani interference in internal affairs. He said the IMF chief’s statement was unusual.
The cash-hungry Pakistani economy desperately needed an IMF deal at a time when the PDM-led government was about to submit its federal budget on June 9 amid hopes and fears of an IMF deal.
It is noteworthy that the International Monetary Fund (IMF), prior to the reinstatement of a staff-level pact between Pakistan and the IMF, had stressed the need for Pakistan to address the widespread political instability in the country in accordance with its constitution. worthy of
