Dollar loses
ISLAMABAD: The evergreen international currency, the US dollar lost Rs 11 in the inter-bank trading on Tuesday.
The dollar-rupee exchange rate fell to 274 rupees on Tuesday, from 285 rupees before Eid holidays.
On Friday, the second day of Eidul Azha, the government and the IMF signed a $3 billion stand-by arrangement for nine months. It paved the way for the resumption of the IMF’s financial support to Pakistan in July as the executive board of the Fund is set to approve the loan in its July 12 meeting.
A currency dealer is counting the US dollar on Tuesday as dollar loses value against rupee in the wake of IMF deal.
Analysts believe that the dollar-rupee exchange rate would fluctuate in narrow range of 270 rupees in coming days as Pakistan will receive $1.1 billion loan from the IMF soon after board’s meeting.
In June 2023, the exchange rate of dollar versus rupee hit 300 rupees in the inter-bank and 315 rupees in open market trading because of delay in IMF’s funding and a consistent decline in the SBP’s reserves.
However, the situation started improving when China rolled over Pakistan’s loan. Finally, the government also accepted the remaining conditions of the IMF before Eid holidays and signed the agreement.
PM Shehbaz congratulates the nation for historic growth in stock market
Meanwhile, Prime Minister Shehbaz Sharif congratulated the nation after the Pakistan Stock Exchange recorded an extraordinary surge of 2,231 points on Monday.
Monday (July 3) was the first working day after the government signed a staff-level agreement with the IMF for a $3 billion loan facility.
PM Shehbaz said that the positive signs of economic recovery have started surfacing. He termed this development as an outcome of a hard work and sound policies of the coalition government.
He said, “The journey of economic development, reduction in inflation, and progress of Pakistan is restarting from the point where it was left by PML-N supremo Nawaz Sharif.”
Premier said that a new ray of hope emerged after severe disappointments and investors and the business community are reposing trust after a deal with IMF involving $3 billion standby arrangement.
stock market hit upper lock after IMF deal
Shares listed at the Pakistan Stock Exchange hit the upper locks on Monday morning in reaction to the signing of the deal with the IMF.
Monday is the first working day after the government and the IMF signed the staff-level agreement for a $3 billion loan facility. Before the opening of the stock market, analysts predicted a rapid boom in the market.
