ISLAMABAD: The US dollar further gained value today and increased to above Rs197 in the inter-bank and hit 200 rupees level in the open market trading.
Thus, it is the seventh consecutive day of the unbridled growth of the US dollar in the inter-bank and open market as the new government keeps quiet on this issue although Pakistan and IMF officials are resuming talks today in Qatar for the resumption of loan.
Since the formation of allied government led by PML-N, the US dollar has gained more than 15 rupees value in the inter-bank trading and there is no immediate intervention in sight to stop dollar from dredging the value of Pakistani currency.
Analysts are of the opinion that the government would have to enhance petroleum and electricity prices to pave the way for seventh review of the economy of the country.
After showing short gains when the new government was formed, the capital market has become vulnerable to rumours as the government remained undecided on reversing the subsidy programme of Imran Khan government.
IMF has linked the resumption of talks with reversal of the Khan’s subsidy programme and the allied government’s inability to make a decision on this crucial front has created panic in the capital markets in the country.
As Pakistan and IMF officials are holding an important meeting today in Qatar, hopes are high that the positive outcome of talks would put an end to consistent growth in the value of dollar.
