Pakistan
Dollar crosses Rs200 mark in open market
KARACHI–The US Dollar crossed Rs200 in the open market against the Pakistani Rupee (PKR) during intraday trading.
The US Dollar continued its upward trajectory and rose to Rs198.5 in interbank during intraday trade after gaining Rs2.76 against PKR.
Meanwhile, Dollar at the interbank up by 1.34% or Rs 2.65 and closed at 198.39 rupees.
It is pretinent to mention here that since the arrival of the new govt dollar price has increased by Rs 15.46 which also added Rs 1800 billion pressure to the economy.
The local currency is being weighed by depleting foreign exchange reserves and uncertainty over the resumption of the International Monetary Fund (IMF) program.
Meanwhile, the International Monetary Fund will begin talks with Pakistani officials on Wednesday over the release of crucial funds.
The talks will be held in the Qatari capital Doha, Pakistan’s finance ministry said, and are expected to continue into next week.
A major sticking point is likely to be over costly subsidies — notably for fuel and electricity — and Finance Minister Miftah Ismail said he wants the two sides to “find a middle ground”.
