In­ter-Bank Mar­ket: Dol­lar fur­ther strength­ens against ru­pee

Daily Messenger - - Biz -

KARACHI: As the ru­pee con­tin­ues slid­ing slowly for the last three days, the value of US dol­lar on Fri­day in­creased by 15 paisa, against Pak­istani ru­pee, in in­ter­bank mar­ket.

Fol­low­ing this de­cline, the dol­lar value was recorded at Rs138.89 in in­ter­bank mar­ket com­pared with 138.74 of Thurs­day. Ru­pee in last three ses­sions has been de­pre­ci­ated by Rs1.11.

While cur­rency tak­ing cue from the in­ter­bank, in the open mar­ket also recorded ap­pre­ci­a­tion and dol­lar at open mar­ket closed at 139.60 af­ter a slide of al­most 30 paisa. The ex­perts were of the view that the de­crease in the dol­lar value was seen af­ter the mon­e­tary pol­icy ap­proved (Novem­ber 30) that has pro­posed an in­crease of 1.5 per­cent in in­ter­est rate on im­ports.

The cur­rency mar­ket needs sup­port from the gov­ern­ment and the State Bank of Pak­istan and starv­ing for dol­lars.

Fi­nan­cial sup­port lacked and the only op­tion left to sup­port the econ­omy has been IMF pack­age.

Though talks to held mid­dle next month the con­tin­u­ous in­ter­est and prin­ci­ple debt pay­ment on for­eign loans un­nerv­ing the play­ers, said an an­a­lyst.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.