BusinessRupee Devaluation US Dollar Crosses Rs209

Rupee Devaluation US Dollar Crosses Rs209

KARACHI: The US dollar on Monday once again increased value in the interbank in contradiction of the rupee.

At the beginning of the week as the government faces a postponement over a deal with the International Monetary Fund (IMF) amid decreasing forex reserves, ARY NEWS reported.

The dollar at the commencement of the week saw an increase in value by Rs1.20 compared to the rupee and traded at Rs209.95. In the open market, the US dollar traded amongst Rs210 and Rs212.

Pakistan had required support from the United States for the recovery of the IMF program.

As the global lender has not yet settled to a staff-level pact despite the tough measures by the government.

Rendering to particulars, Finance Minister Miftah Ismail and Minister of State for Finance Ayesha Pasha met with US Ambassador Donald Blome and wanted Washington’s support for the revival of the IMF program.

Blome apprised that the government has projected fiscal consolidation equal to 2.2 percent of Gross Domestic Product (GDP) in difficult situations.

Related Stories

Pakistan Inflation to hit high of 25% this fiscal year: ADB

Pakistan Inflation to hit high of 25% this fiscal year. Asian Development Bank has released the annual outlook report...

A record decline in lending from banks to the private sector

In the current financial year, there has been a record decline in the provision of credit from banks to...

Petrol Price is likely to be more expensive from tomorrow

There is a fear of increasing the petrol price across the country from tomorrow. According to the sources, the petrol...

Trending on DiariesPK