(MANEND NEWS): In the open market, the US dollar has surged against the Pakistani rupee on Monday, with a selling price of 305 rupees. This reflects the growing demand for the US currency in the open market.
The US dollar has once again gained strength against the Pakistani rupee. This increase in value was observed during the first business day of the week.
In contrast, in the interbank market, where financial institutions conduct transactions, the dollar’s value has also seen an upward trend. Pakistani rupee experienced a depreciation of Rs0.32 against the US dollar.
This depreciation reflects the relative weakening of the rupee compared to the US currency.
As per dealers, the primary reason behind this surge in the dollar’s value is believed to be the high demand and limited supply of dollars in the market.
Currency dealers have experienced a significant increase in the demand for the dollar, while the supply has remained relatively low.
The Pakistani Rupee devaluation continued in the interbank as the local unit reached Rs285.50 after an losing 30 paisas against US Dollar on Friday.
On Thursday, the Pakistani Rupee bounced back in the interbank trading as well as in the open market trading wherein the American currency suffered heavy blows.
The US Dollar value dipped by 47 paisas in the interbank trading and reached Rs288 against the Pakistani Rupee while the USD decreased by record Rs16 in the open market and reached Rs295 amid hopes of pro-people budget yet to be presented on June 9th.
Earlier, Minister of State for Finance Aisha Ghaus Pasha termed IMF mission chief Nathan Porter’s statement as interference in Pakistan’s internal affairs. She said that the IMF mission chief’s statement is unusual.
The cash starved economy of Pakistan badly needed the IMF agreement as PDM-led government is about to present the federal budget on June 9th amid hopes and fears of IMF agreement.
It is pertinent to note that the International Monetary Fund (IMF) has emphasised the need for Pakistan to address the prevailing political instability in the country in accordance with the constitution prior to the reinstatement of the staff-level agreement between Pakistan and the IMF.