Dollar Touches All-Time High Of Rs147 In Interbank Market
A day after bouncing back to Rs144, the value of the US dollar against the rupee soared to another all-time high for the second consecutive day, reaching approximately Rs148 in the interbank market.
The greenback was valued at Rs141.5 yesterday but climbed to Rs146 before settling back to Rs144. The fall in the value of the rupee comes a day after Prime Minister Imran Khan set up a committee to control the devaluation of the local currency and capital flight from Pakistan.
It also comes days after Pakistan secured a $6Billion deal with the International Monetary Fund.
Secretary-General of Exchange Companies Association of Pakistan Zafar Paracha warned that further devaluation might occur due to the IMF deal.
“Fears of further devaluation as a result of the agreement with the IMF have depressed the currency market and the rupee may lose more against the greenback in the coming days,” he said.
According to Dawn, most of the currency dealers have expressed disappointment over undisclosed terms and conditions in the IMF deal. The rate in the interbank is considered the official exchange rate but the open market rate fluctuations.
After yesterday’s increase in price, Prime Minister Imran Khan ordered concerned authorities to take action against foreign exchange companies selling the dollar at higher prices.
President Forex Association of Pakistan Malik Bostan told Geo News that the rupee is expected to depreciate by a further 15 to 20 percent against the dollar by December this year.
He said that until the foreign exchange reserve situation improves, there was no indication of dollar rates slowing down.