Business

Dollar Price in Pakistan: Rupee plunges to 204 against USD

Dollar Price in Pakistan: Rupee plunges to 204 against USD

The Pakistani rupee has lost at least Rs1.75 versus the US dollar in the interbank market, reaching Rs204.10.

According to the State Bank of Pakistan, the rupee finished at Rs202.35 versus the dollar on Friday (SBP).

Similarly, the Pakistan Stock Exchange (PSX) fell 784 points in the morning to a two-year low of 41,231 points.

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Investors remained confident about the approaching budget announcement as the stock market closed above 42,000 points on Friday.

The stock market and exchange rate turbulence followed a remark by Finance Minister Miftah Ismail on Saturday, in which he mentioned a delay in the International Monetary Fund’s rescue package being revived (IMF).

Miftah previously stated that the international money lending organisation may raise a number of objections to the government budget for 2022-23, which was presented to the National Assembly on Friday. The minister had previously stated that the IMF programme will resume following the budget.

Despite China’s commitment to roll over a $2 billion maturing debt, there are new doubts in the rupee-dollar parity. In the current month of June, Pakistan was supposed to repay China $2 billion.

The country’s foreign exchange reserves have been drained to a catastrophic low of $9.2 billion, which is just enough to support six weeks of imports. To keep the rupee stable and avoid a deepening of the foreign payment issue, the reserves must be increased.

Despite having claimed the distinction of Asia’s best-performing stock market in August 2020, the Pakistan Stock Exchange (PSX) became Asia’s third-worst performing market last week.

RELATED: Income tax calculator salaried class in Budget 2022-23

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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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