According to experts, the rupee witessed some respite on the back of limited trading activity. However, the gloomy macros will continue to put pressure on the local unit.
They said though there is stress on the economy, yet some stability is visible. Despite better exports, the current account deficit has surged to alarming levels and in order to address this challenge, there is a need to look at the agriculture sector and curtail needless imports, they added.
Currency dealers believe that the IMF statement, saying the Fund mission will visit Pakistan in May to resume discussions over policies for completing the seventh review has helped sentiment, as did the news of extending the stalled programme by up to one year and increasing the loan size to $8 billion from $6 billion.
Traders and markets are looking at the IMF as progress with the Fund instils investor confidence in the economy, stabilises Pakistan’s foreign exchange reserves, and unlocks funding from other international financial institutions. Besides IMF programme revival, expected $2.4 billion rollover from China and other foreign inflows would provide much-needed support to the balance of payments and the currency as well.
Mercuria, a global commodities trading firm headquartered in Geneva, finds its senior executives under scrutiny…
Pakistan Stock Exchange (PSX) remained bullish for the second session in a row on Monday,…
The rupee remained on the back foot against the US dollar in the interbank market…
The Securities and Exchange Commission of Pakistan has approved the Scheme of Arrangement between Pakistan…
Gold price in the country snapped a six-session losing streak and increased by Rs2,500 per…
Chairman of the Prime Minister Youth’s Programme(PMYP) Rana Mashhood has underscored the success of the…
Leave a Comment