US dollar's free fall against rupee continues

US dollar’s free fall against rupee continues

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KARACHI: The US dollar continued its declining trend in the interbank and open market on Thursday after the greenback saw a historic decline of over Rs9 on Wednesday, ARY NEWS reported.

According to forex dealers, the US dollar slipped by Rs4.02 at the start of the day to trade at Rs224.78 as the banks sold it at Rs226.28.

In the open market, the greenback traded between Rs223 and Rs224.

The rupee on Wednesday made a massive comeback against the US dollar in the interbank and open market, a day after the IMF said that the country has fulfilled its last condition of raising the levy on fuel prices.

According to forex dealers, the US dollar lost Rs9.58 today in the interbank against the rupee and traded at Rs228.80 while the banks are selling the greenback at Rs229.

In the open market, the US dollar traded at Rs225.50 after witnessing a reduction in value by Rs13.

The International Monetary Fund (IMF) on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) programme.

Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending the levy on petrol.

Read More: US dollar declines to Rs237 in interbank market

Ruiz said the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.

Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.

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