Summary Dollar in open market raised almost Rs 4 to Rs 128.20.
LAHORE (Dunya News) – The Pakistani rupee has lost more grounds against the dollar following, the statement of the caretaker finance minister Shamshad Akhtar that we are preparing spade work for entering into the new program with the International Monetary Fund and it will depend on the new government whether to go or not.
The caretaker finance minister met group of senior brokers and members of mutual funds on weekend at Pakistan Stock Exchange where she hinted that the rupee has been driven by market forces, adding, “We can go to IMF but we are not going, will do the spade work for IMF”. This is enough for the market participants to conclude that all is not well at the economic front and continuous decline in foreign exchange reserves are enough to decide new currency level, she said.
The rupee on first week opened with bang and dollar appreciated by Rs 3.50 in one go, while it has been around 125 rupees level. But as the session passes, rupee showed more adjustment and currently dollar gained nearly Rs 6 to Rs 127.50.
Dollar in open market raised almost Rs 4 to Rs 128.20.
“Already adjustment in dollar has marked its effect on several products especially the petroleum product prices, since December, diesel goes up by 33 percent to Rs 113 per liter and petrol to Rs 95.25 per liter”, an analyst said.
