ISLAMABAD: After a humiliating defeat of the ruling party _ PML-N in the Punjab province at the hands of its arch-rival PTI, dollar has paced up its growth, challenging the authority of the PML_N led government. In the inter-bank trading the US dollar edged up to Rs215 at 12:45 Noon today (July 18), a day after the ruling party faced a stunning defeat in by-election in Punjab.
In the open market, the value of US dollar is staying above Rs216.50 to Rs217.
Thus, in a single day, the greenback gained 4 rupees against the local currency, exposing weakness in the economic strategies of the coalition government and their ability to reign in the unbridled growth of the US dollar.
The way the US dollar is gaining value with a rapid speed, it appears that before the arrival of the IMF’s tranche of $1.17 billion, the greenback may hit Rs250 level.
On Friday morning, the IMF issued a statement in which it said that its board would hold meeting within three to six weeks to give approval for the disbursement of next tranche to Pakistan. The IMF has indicated that the disbursement of next tranche would take at least one month time, which has triggered the depreciation of rupee with more vigour than before.
