On Monday, the rupee continued to be under pressure from sellers, as seen by the currency’s 4.15 rupee loss to 232.51 against the US dollar on the interbank market in Karachi.
The ongoing political unrest across the country is the root cause of the rise in the value of the dollar, which has been doing so for some time now and is continuing to do so even at this very moment.
On Friday, the price went up by 4.70 rupees, and at one point in the day, it reached a high of 230 rupees in the interbank market before sliding back down to 228.36 rupees later.
The discussion on the market suggested that the value of the rupee experienced its greatest weekly fall since 1998 during the preceding week. This occurred within the period of time covered by the study.
It is essential to keep in mind that on Friday the State Bank of Pakistan deposited Rs918.50 billion into commercial banks at an enhanced rate of return of 14.90 percent for a period of six days.
Miftah Ismail, the country’s finance minister, said on Monday that the government’s “achievement to reduce imports” would relieve pressure on the rupee this week. The government has “succeed to curtail imports,” which is why this has happened.
In an exclusive interview with Radio Pakistan’s correspondent Zahid Hameed, Miftah gave the impression of being confident that the economic objectives that have been set for the current fiscal year will be accomplished as a result of better decision-making by the current government. These objectives pertain to the current year’s budget.
With imports at $80 billion and exports at $31 billion in the previous fiscal year, he said, “Pakistan is today in a position where it stands in which it stands in which its new imports are less than exports and remittances.
” He said that “Pakistan is in a situation where it sits” with regard to the current state of the country, where “new imports are fewer than exports and remittances.”
Earlier in the day on Tuesday, the value of the rupee dropped from Rs229.88, where it had finished in the interbank market on Monday, to Rs233.25. This marked a loss of Rs3.37 in intraday trade.
The decline was a reflection of the ongoing political unpredictability in the country as well as the economic challenges that the government is currently dealing with while it waits for the International Monetary Financing (IMF) to resume an extended fund facility program.
The price of one dollar fell by a staggering Rs13.17 during the course of the previous week, bringing it from Rs215.2 at the beginning of the week to Rs228.37 by the time the week was done.
Since the 11th of April, when the current government assumed office, the value of the rupee has fallen by an aggregate of around Rs50.11 per unit.