Summary The economists see rise in dollar rate due to strict monetary policies of government.
Karachi (Dunya News) - Dollar has jumped to Rs 143.50 in the interbank market as Pakistan Tehreek-e-Insaf (PTI) government seeks a final deal with International Monetary Fund (IMF).
According to dealers, the American currency also reached to a record peak of Rs 141.10 with an increase of Rs .20 in interbank market.
The economists see this rise due to strict monetary policies of government in order to fulfill the requirements of IMF and due to a fall in Foreign Direct investment (FDI).
Due to recent hike in the price of dollar the masses are expected to take burden of high inflation with increase in the prices of household items.
Since its inception, the Imran Khan led federal government has been trying to seek bilateral support to plug the trade gap and ease pressure from our foreign exchange reserves.
ALSO READ: Pakistan inflation reaches five-year high
The latest round of rupee depreciation comes after the delay in the IMF bailout package that is still being negotiated.
Finance Minister Asad Umar said negotiations with the International Monetary Fund (IMF) had entered the final stage with settlement of almost all the issues related to the signing of an agreement.
“We are very close to each other and there is no fundamental difference,” the minister said while talking to media-persons after launching the State Bank of Pakistan’s (SBP) Electronic Money Institutions (EMIs) Regulations.
The Minister added that at present the IMF was engaged in summer meetings with the World Bank and soon after the meetings, its mission would visit Pakistan to finalize the bailout package.
A day earlier the Incumbent government also dropped a petrol bomb on public by increasing the prices of Gasoline to Rs 99.7 per liter, inviting criticism from already furious people over poor economic handling.
