After the increase in the value of the rupee (US Dollar) in the interbank market, the American dollar became cheaper by 6 rupees 9 paise.
In the Inter Bank market today, on Friday, March 3, the value of the Pakistani rupee against the US dollar fell sharply, after the previous day’s big decline, the dollar became 6 rupees 9 cheaper to 279 rupees 50 paise.
Economists say that after the State Bank’s refusal to peg the Afghan border rate has had a positive impact on the market, the rupee has appreciated.
Historical depreciation of rupee; The dollar touched a high of Rs 291
According to the Exchange Companies Association of Pakistan, the rupee rose by 6 rupees 9 paise to 279 50 paise against the dollar in the interbank market, which had fallen by 18 rupees 98 paise or 6.66% to 285 rupees 9 paise yesterday. But it was closed.
Yesterday, the chief executive of Topline Securities, Mohammad Sohail, said that due to the delay in receiving funding from the International Financial Institution, uncertainty is arising in the currency market.
Pakistan is currently suffering from severe economic crisis, its reserves are only around 3.8 billion dollars, which is enough to cover only three weeks of imports.
new monetary policy; Interest rates hit an all-time high of 20 percent
In such a situation, the country urgently needs to sign an agreement with the IMF, which will not only provide $1.2 billion, but will also pave the way for funds from friendly countries and other multilateral lenders. It will also be smooth.