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Dollar bounces back, hits Rs 186 in inter-bank

ISLAMABAD: In the inter-bank, the value of the US dollar surged to 186 rupees once again on Wednesday morning, indicating that the regime-change impact on the dollar-rupee exchange rate was momentary.

From April 9-16, the value of dollar tumbled to below 183 rupees in the inter-bank (from 189 rupees) because of removal of Imran Khan as PM and election of Shehbaz Sharif as new Prime Minister. Pakistan Stock Exchange also gained more than 2300 points during these days.

However, in the last three days, the dollar us gaining more value every day and today (April 20) the dollar-rupee parity hit 186 rupees.

Pakistan is facing the challenges of current account deficit and lower than projected GDP growth rate while political system is also going through turmoil during the regime-change process.

A day earlier, (April 19), the US dollar closed at Rs184.44 against Rs182.54 a day earlier and dollar continued its upward journey by hitting 186 rupees today.

Meanwhile, during this week, the stock market appears directionless and waiting for more positive developments about the IMF programme and rescheduling of Chinese loans.

Pakistan has started fresh talks with the IMF to receive remaining tranches of the ongoing programme. Finance Minister Miftah Ismail is holding initial discussion with the IMF to qualify for the release of next tranche.

Meanwhile, currency dealers are anticipating that China would soon rollover about $2.4 billion loans, which will ease pressure on the economy and support value of rupee against dollar.

PM Shehbaz Sharif is expected to visit Saudi Arabia and China soon and his visit would be very productive for the economy of Pakistan.

The continued appreciation of US dollar has inflated the local economy as imports have vast impact for almost all segments of the economy.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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