ISLAMABAD: The US dollar kept on bulldozing value of Pakistani rupee in the inter-bank operations amid unwanted delay in the revival of IMF package and approval of Saudi cash assistance and deferred oil payment facility.
In the inter-bank, the US dollar today crossed 175 rupees level once again while in the open market the greenback is being sold at very high rates. In other words, the US dollar is being black-marketed in the open markets at 178 rupees in Pakistan in the absence of a check and balance system.
Importantly, the State Bank of Pakistan totally appears indifferent to dollar’s dredging of rupee value in the inter-bank operations and black-marketing of the greenback in the open market.
Analysts believe that unnecessary delay in the resumption of IMF programme is taking a toll on the rupee. The delay has raised questions whether the IMF would resume the programme or Pakistan would opt to quit it as chances for which are next to nothing.
If the IMF and Saudi Arabia delayed further assistance to Pakistan, the value of dollar could cross 180 rupees in the inter-bank operations.
In first four months of the ongoing financial year, Pakistan has suffered more than $15 billion trade deficit while current account deficit surged to 3.4 billion dollars in first quarter of FY22. This factor also triggered depreciation of rupee value in the country.
