KARACHI: Due to factors such as positive economic indicators, after the staff-level agreement on a new $7 billion program from the IMF, the way for the issuance of multilateral bilateral funds was also smoothed, the rupee remained weak against the dollar in the interbank market on Monday.
Despite the attack on the former US president, the increase in global crude oil prices and the strengthening of the dollar against other major currencies globally, the rupee continued to weaken against the dollar in Pakistan. The dollar continued to depreciate throughout the trading period in the interbank market due to which the interbank rate of the dollar closed at Rs 278.10 paise at the close of business, down by 30 paise.
On the contrary, in the open currency market, the value of the dollar remained unchanged at the level of 280 rupees 50 paise.
Prior to the staff-level agreement with the IMF, there were reports that there would be a devaluation to meet pre-conditions, but the new loan program is expected to be signed by the middle of this month, experts say. That devaluation process will start after 3 to 4 months.
Experts say that the demand for foreign exchange in the economy is gradually increasing, but there is a possibility of improvement in the supply due to new inflows, which leads to stability in the rupee.
