US dollar crosses Rs230 barrier in interbank trading

Author: Web Desk

The Pakistani rupee continued to suffer drubbing at the hands of the US dollar as the greenback on Monday crossed the Rs230 barrier in the interbank trading, reported 24NewsHD TV channel.

As the trade started in the money market today, the US currency kept its dominance on the local unit. The USD quickly gained 43 paisas in its value and was traded at Rs230.10.

This is the 24th straight fall of the Pakistani rupee in the interbank business.

On Friday, the last trading day of the previous week, the value of the US dollar was appreciated by 52 paisas against the Pakistani rupee making the greenback conclude the day at Rs229.67 in interbank trading.

Currency experts believe that the rate of the dollar is soaring due to mounting demand for import payments. Besides this, falling inflows under exports and remittances and political uncertainty also resulted in a devaluation of the rupee.

Pakistan’s economic banes along with its imminent threat of default will not go away unless the IMF agrees to resume its ninth review for the extended loan facility.

The government has requested the IMF (International Monetary Fund) mission to come soon and conclude the pending 9th review. There is a certain set of economic steps that are required by authorities to take for the IMF mission to come to Islamabad to finalize the all-important service level agreement.

As per the report, the government finally has made up its mind to come up with a mini-budget and address other concerns of the IMF that are set to further stoke up inflation.

The State Bank is scheduled to issue a monetary policy announcement today as the market is expecting another hike of 100 basis points to bring the benchmark rate to 17 per cent. The increase in policy rate is expected due to elevated inflation in December 2022 as Consumer Price Index (CPI) clocked in at 24.5 per cent against 23.8 per cent in November 2022.

Share
Leave a Comment

Recent Posts

  • Pakistan

Interior Ministry seeks ban on VPNs, citing terror concerns

The Interior Ministry on Friday asked the Pakistan Telecommunication Authority (PTA) to block "illegal VPNs"…

26 mins ago
  • Pakistan

COAS says TTP has become home to global terror groups and proxies

Chief of Army Staff (COAS), General Syed Asim Munir, NI (M) on Friday reiterated that…

30 mins ago
  • Pakistan

SC judge says constitutional bench empowered to take suo motu notice

Supreme Court's Justice Muhammad Ali Mazhar on Friday remakred that the top court's constitutional bench…

30 mins ago
  • Pakistan

Punjab declares smog a health crisis

As Punjab grapples with hazardous smog, Senior Minister Marriyum Aurangzeb declared on Friday that the…

31 mins ago
  • Pakistan

IHC nullifies trial court verdict against Imran, wife in £190m case

The Islamabad High Court (IHC) has nullified the trial court verdict on acquittal pleas of…

31 mins ago
  • World

Iran signals support for Lebanon-led ceasefire efforts in Israel conflict

Iran will back any decision taken by Lebanon in talks to secure a ceasefire with…

33 mins ago