KARACHI. August 31, 2022: Us dollar shed another 1.50 in value against the rupee in interbank in the first session of the currency trading here on Wednesday.
In interbank trading, UDS dropped down to Rs 218.20 from last day’s Rs 219.75. Likewise, USD lost value of Rs 2.0 in open market . Its value remained at Rs 216.50 against last day’s of Rs 218.75.
Following an official announcement of approving bailout package by the International Monetary Fund (IMF), USD has lost around 10 rupee in term of value during the last two days.
IMF board had approved resumption of its Extended Funding Facility (EFF) programme on August 29, 2022 and it would subsequent on release of a tranche of $ 1.17 billion to Pakistan in a week time.
Forex Association of Pakistan (FAP) is predicting major drop in value of USD against the rupee once IMF transfer funds in Pakistan’s kitty.
FAP chairman ,Malik Bostan Khan, is optimistic that the rupee is going to gain massively on release of funds by IMF. He foresees stability in value of the domestic currency and so in the financial markets of Pakistan.
Speaking to NEWSMAN, Mr Khan said “ The worst as far as Pakistan’s currency crisis is concerned is over and now its time for the domestic currency to dominate USD and take a stable position in the currency market.