ISLAMABAD: The value of US dollar against Pakistan’s rupee rose to Rs174.5 in the open currency market and past Rs171.63 in the inter-bank market.
Earlier on Friday, the rupee had remained unchanged against the US dollar, closing just above the 170 level in the inter-bank market.
The local currency had been on an uptrend since Saudi Arabia granted a $4.2 billion aid package for Pakistan. On November 3, the US dollar fell below Rs170.
According to economists, although Saudi Arabia’s debt package eased pressure on Pakistan’s external payments, it is necessary for the country to gain get the International Monetary Fund (IMF) debt programme approved.
The World Bank, Asian Development Bank, and foreign investors value the IMF programme and formulate their strategies regarding funds or investments accordingly.
On October 26, the rupee had dropped to its lowest level, closing over the 175 level for the first time.
Analysts predict that the local currency is expected to depreciate against the dollar in the ongoing week due to a lack of affirmation by the IMF on its $6 billion worth Extended Fund Facility, and importers’ demand for the greenback.
