ISLAMABAD: The US dollar has plunged to below Rs199 level on Monday (May 30) in the inter-bank operations while in the open market the dollar-rupee exchange rate is still fluctuating around Rs 202.
The KSE-100 index of Pakistan Stock Exchange also gained more value on Monday and it surged to 43,171 points with 310 points net gain till 1:30 Noon.
In the inter-bank market, the Pakistani rupee (PKR) has managed to gain a further one rupee in the interbank market against the US dollar during intraday trade.
The local unit was quoted at 198.80/ 198.90 (10:36 PST) when compared to the previous day’s close of 199.76 against the greenback, Mettis Global reported today.
This appreciation is attributed to the government’s decision to raise petrol prices which has taken the cash-strapped economy one step closer to IMF’s deal. Meanwhile, Prime Minister has also announced a Rs28 billion package for the poor segment to counter the inflationary pressure.
However, the relief package would be released after final approval by the fund. Minister for Finance and Revenue, Miftah Ismail informed that the staff-level agreement with IMF would be signed next month (June).
Hike in the domestic petroleum prices has triggered price-hike in the country, but this decision has paved the way for gradual economic stability in Pakistan.
