The US Dollar continued its decline in the interbank market and open market after a historic drop of more than Rs9 on Wednesday.
Forex dealers report
Forex dealers reported that the US dollar fell by Rs4.02 at the beginning of the day to trade at Rs 224.78, while the banks sold it for Rs226.28.
The greenback was traded on the open market between Rs223 to Rs224.
On Wednesday, the rupee reacted strongly to the US dollar in open and interbank markets. This came just days after the IMF stated that India had fulfilled its last condition regarding raising fuel prices.
Forex dealers claim that the US dollar lost Rs9.58 today against the rupee in the interbank and traded at Rs 229.80, while banks are selling it at Rs229.
After witnessing a Rs13 reduction in its value, the US Dollar was traded on the open market at Rs 225.50.
Tuesday’s confirmation by the International Monetary Fund (IMF), that Pakistan had met all its targets for the revival and expansion of the Extended Fund Facility programme (EFF), was a positive sign.
Esther Perez Ruiz,
Esther Perez Ruiz, the International Monetary Fund’s resident representative in Islamabad (IMF), spoke exclusively. She stated that Pakistan has met all financial targets and that the last action taken by the fund was on July 31st, when the levy on petrol was extended.
Continue reading: The USD drops to Rs237 in the interbank market
Ruiz stated that the 7th and 8th reviews were completed, and that the IMF Executive Board will meet in August’s third week.
Esther Perez hopes that Pakistan will make efforts to reduce the funding gap until the meeting of the board.