KARACHI: August 1, 2022. After long spell of losing ground to US dollar, the rupee on Monday bounced back as it made substantial gain in the open market against the US currency .
On Monday, the rupee gained Rs 4.50 against the US dollar in the open market and appreciation of the local currency pegged it against the US dollar at Rs 243.50 in the open market . The rupee also made slight gain against US dollar in inter-bank market and gained 0.12 paisa. The gain made by the local currency has come after a statement of the State Bank of Pakistan (SBP) and ministry of Finance (MoF) where they had claimed that the measures were being taken forcefully to stop downslide of the rupee. These two departments had also noted in their statement that Pakistan has completed all formalities and arrangement were completed for on spot review of the International Monetary Fund (IMF) .
Pakistan is looking forward for on spot review of IMF in the next couple of weeks and it would approval of the fund’s board for release of much- needed trance of $ 1.2 billion by end of the current month.
Pakistan’s economy of under huge pressure for multiple factors like surge of US dollar in global market and reduction of forex reserves due to heavy payments against its loans liabilities.
In the last three month, the rupee has lost its value considerably against US dollar and it has created a panic like situation in its currency market . As a result of depreciation of the rupee, Pakistan is witnessing unprecedented rise in the price of everything right from edible to vehicles and its direct impact has made lives of the people miserable.
A day earlier , finance minister, Miftah Ismail, had announced at a press conference that the government was taking a set of measures to overcome financial crisis and as a result of proposed measures the rupee will soon be out of current pressure and trade at tis actual value against US dollar. He had claimed that the rupee’s actual value was much better than the current value.
Mitah ismail had declared widening current account deficit as a major challenge to the government and announced that a strategy was being put in place to overcome this teasing issue.
