Agreement with IMF; The dollar depreciated by 3 rupees 80 paise

Agreement with IMF The dollar depreciated by 3 rupees 80

Following the progress of the agreement reached between Pakistan and the IMF, the rupee finally lost its value against the dollar, while its value against the dollar in the interbank market during trading on Wednesday. An increase of Rs 3 80 paise was observed.

According to the Forex Association of Pakistan (FAP), after closing at Rs 211.80 yesterday, the rupee appreciated by Rs 3.80 against the dollar at 2:50 pm today. The price has gone up to Rs.

According to the Forex Association of Pakistan (FAP), the rupee depreciated by more than Rs 2 yesterday and reached a low of Rs 212 against the dollar from Rs 209 96 paise two days ago. Was

The rupee’s appreciation against the dollar has been followed by a steady decline in its value over the past few weeks.

The main reason for the continuous depreciation of the rupee has been attributed to the country’s rising import bill and depletion of foreign exchange reserves.

Since the PML-N coalition government came to power on April 11, the value of the dollar against the rupee has risen by more than 30 rupees.

Zafar Paracha, General Secretary, Exchange Companies Association of Pakistan, gave the good news regarding the agreement reached with the IMF due to the appreciation of the rupee.

He hoped that the agreement with the International Monetary Fund (IMF) by the end of this week would pave the way for Pakistan to obtain loans from China and other financial institutions.

Komal Mansoor, head of research at Tracemark, also said that the market expected the local currency to fall below the 212 level on the basis of an agreement reached with the IMF, and this is exactly what happened as expected.

He added that there was no other major hurdle after the tax reforms and implementation of petroleum levy, adding that he believed that after the agreement, the market attitude would be very negative to neutral and then positive market activity. Will see

On the other hand, the IMF loan program has been stalled since early April, while negotiations with Pakistan’s International Monetary Fund have been fruitless.

The international lending body had earlier expressed concerns over the fuel and energy subsidies introduced by the PTI government and now expressed concerns over the targets set by the new government for the next financial year.

Pakistan signed a 39-month فن 6 billion expansion fund program with the IMF in July 2019, but the International Monetary Fund (IMF) withheld about ً 3 billion in installments after the previous government deviated from its promises. Fuel and energy subsidies were announced.

However, a significant development took place last night when Pakistan and Pakistan promised to gradually increase the additional tax and petroleum levy to Rs 50 per liter in the budget for the financial year 2023. An agreement has been reached in the International Monetary Fund (IMF).

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