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Dollar gains more value in inter-bank, remains stable in open market

ISLAMABAD: Despite the release of $1.16 billion loan by the International Monetary Fund a day after board’s meeting on Aug 29, the value of dollar is consistently rising in the inter-bank. On Monday, the dollar-rupee parity further edged up, settling at 219.50 rupees, whereas in the open market the rate of dollar remained stable _ at 223 rupees.

Before the disbursement of IMF tranche, capital market analysts were predicting about decline in the value of dollar to 195 rupees in the inter-bank, but this did not happen that has shocked the people in the country who were anticipating some relief in the value of imported goods including oil and gas.

In August the dollar-rupee exchange rate hit the record high level of 245 in the inter-bank and 250 in the open market. This trend, however, reversed a couple of days ahead of the IMF board meeting and the dollar-rupee parity gradually fell to 215 rupees in inter-bank and 210 rupees in the open market trading.

However, as the IMF has handed over $1.16 billion to Pakistan, the value of dollar is again surging gradually, which is stunning for those who were talking about decline in dollar’s value to 195 and those were anticipated relief in price-hike.

The way the value of dollar is gaining more and more value day by day, it appears the market forces are actively manipulating the exchange rate for their vested interests as the government has committed with the IMF to ensure free float of dollar in Pakistan.

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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