KARACHI : Feb 28,2023: After negative signal from the International Monetary Fund (IMF) for resuming the agreement to issue funds for Pakistan , US dollar wins driving seat against US dollar again and gains Rs 1.90 in value in interbank against the local currency .
IMF has issued a new set of demands for grant for bailout package for Pakistan. The fund has linked revival of the funds for Pakistan with further surge in power rates , interest rates and recovery of taxes from the power utility companies.
Hardened position of the IMF has put Pakistan government of the tight position.
Druther delay on the part of IMF for signing the agreement can devastate Pakistan’s economy.
According to All Pakistan. Currency Dealers Association , US dollar surged to Rs 261.90 (selling) and Rs 261.30 (buying) today.
In open market , US dollar became costlier . US currency rate in open market jumped up to Rs 263.50 (buying)and Rs 266.50 (selling).
Other major currencies rates also appreciated in local market againt the rupee. Saudi Riyal rate today is Rs 69.60 (buying) and Rs 70.40 (selling).
UAE Dirham rate is Rs 72.50 (buying) and Rs 74 (selling).
Euro rate in selling today is Rs 275.50 and Rs 279.50 (selling). Pound Sterling rate is Rs 314 (buying) and Rs 318 (selling).