Published On: Tue, Jul 9th, 2019
Published in Category: Karachi

Rupee weakens against US dollar by 38 paisa in interbank market

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KARACHI: The Pakistani rupee on Monday lost its value by 38 paisa and hit Rs157.30 against the US dollar in the interbank market as the stringent conditions – on which the International Monetary Fund (IMF) has formally approved the bailout of $6 billion – seem to exert more on the local currency.

In the open market, the greenback gained by 50 paisa and traded at Rs157.50.

On the other hand, the Pakistan Stock Exchange (PSX) lost 108 points and its KSE-100 benchmark Index reached 34,082 points.

Economists are of the view that effective measures must be implemented on the priority basis to recover the balance of payment deficit.

Moreover, the state’s exports are needed to grow significantly, and the imports must be reduced to remove pressure on the local currency.

According to experts, the government must ensure implementations on economic policies after the deal with the International Monetary Fund (IMF).

It is anticipated that the US dollar rate would fluctuate for some time, and the value of the Pakistani rupee would stabilise after proper implementation of the economic policies.