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Dollar Price in Pakistan: Dollar surges to Rs206.25

Dollar Price in Pakistan: Dollar surges to Rs206.25

The US dollar strengthened in the interbank market on Wednesday, trading at 206.25 in the first session, according to News reports, amid uncertainties over the renewal of the International Monetary Fund’s (IMF) loan programme.

During today’s intraday trading, the Pakistani rupee lost over 1.09 paisas. At 11:30 a.m., the local currency was trading at Rs206.25 per dollar, up from Rs205.16 the day before.

During the morning session, the Pakistan Stock Exchange (PSX) opened in the black, with the benchmark KSE-100 index rising 373.47 points, or 0.91 percent, to 41,428.15 points.

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The rupee hit a new low on Tuesday as fears grew that the IMF’s much-needed $6 billion bailout programme will be resurrected after the country’s recently announced budget failed to satisfy the lender.

The local currency struck an all-time low against the dollar in the interbank market for the second time this week, falling to 205.16 versus the dollar. It fell by 1.3 rupees, or 0.63 percent, against the dollar. On Monday, the rupee closed at 203.86.

The rupee has been losing ground, according to traders, as a result of the balance of payment issue and declining foreign exchange reserves. However, the IMF’s views on the budget’s policies put further pressure on the native currency.

Pakistan has been requested by the IMF to take “additional measures” to strengthen the budget and bring it in line with the fund’s core objectives.

RELATED: Dollar Price in Pakistan: Dollar hits record level, rises to Rs 204

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Sibtain Ali is a Senior Editor Business at Pakistan Lounge and joined in October 2021. Formerly business editor at a renowned International News website

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