Daily Times

Dollar continues upward trajectory, rupee falls further:

On Monday, the US dollar reached Rs237.96 during intraday trading in the interbank market as the greenback appreciated by Rs1.12.

However, the banks were selling the greenback at Rs238.50. In the open market, the US dollar was being traded at Rs242 to Rs245, the association added.

On the other hand, Pakistan Stock Exchange (PSX) witnessed positive trading at the start of the first day of the trading week as KSE-index gained 77 points and reached 41756.

The Pakistani rupee weakened by Rs8.66 against the United States (US) dollar in the interbank currency market in last week.

The federal government authorities have decided to initiate a crackdown against hoarders and hundi dealers as this US dollar flight continues. FIA has been tasked by the federal government with controlling the US flight.

Earlier, International Monetary Fund (IMF) Resident Representative to Pakistan Esther Perez Ruiz Sunday offered condolences on the devastations caused by the flood in Pakistan. She said that Pakistan will be supported under the loan program along with other international institutions.

Esther said that IMF is very saddened by the damages caused by the flood in Pakistan and stands in support of the flood victims.

“Pakistan will have support from the IMF for the restoration and rehabilitation of the flood-hit areas and the affected people,” an IMF official added.

Saudi Arabia has extended the date of return of 3 billion dollars to Pakistan, “Saudi Fund for Development (SFD) has confirmed rollover of $3bn deposit maturing on 5Dec22 for one year. The deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan,” SBP tweeted.