Dollar continues to slide in Pakistan thumbnail

Dollar continues to slide in Pakistan

The value of the Pakistani currency continues to strengthen against the US dollar on the second consecutive day.

The rupee index inched 0.23% higher Tuesday.

The local currency improved by 40 paisas in the interbank market. The value of the US dollar settled at Rs174.89, according to the data shared by the State Bank of Pakistan.

In the open market, too, the greenback
recorded a decrease of Rs1.40 and closed at Rs175.30 per dollar.

On November 12, the value of the US dollar had reached an all-time high of Rs175.73 in the interbank.

Addressing a ceremony on November 14,
PM’s aide on Finance and Revenue Shaukat Tarin assured the positive progress in
the ongoing negotiations with the International Monetary Fund (IMF).

According to the experts, the Pakistani rupee has been under immense pressure due to the delay in talks between Pakistan and the IMF over a loan tranche of $1b since October 15.

The value of the greenback against
the rupee has been continuously rising since November 4. US dollar’s value was
Rs169.75 and Rs170.70 in the interbank and the open market on November 3,
respectively.

In the next nine-day, the value of the rupee decreased by almost Rs8.

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