Dollars Rise Again as Local Currency Closed at 283 in the Open Market


NewsToday: After the IMF's meeting with the Pakistani minister on Friday, the under-pressure Pakistani rupee falls against the dollar. Pakistan's state bank reports that the rupee now has a value of Rs276.58 and has lost Rs5.5522, or 1.89%. However, the open market price of local currency today is Rs 283. The analyst claims that in order to prevent this default, the nation needs the Washington-based lender bailout program. According to Adnan Agar of AA Commodities, the rupee is falling as Pakistan secures the staff-level agreement with Washington-based.

According to the analyst, the market is responding negatively to the conditions of the IMF agreement. As opponents are detained daily in Pakistan's political unrest, the situation is getting worse. The export has not yet released their payments in order to prevent this terror, which has led to a dearth of dollars on the domestic market.

Sabahat Abid


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