KARACHI: The local unit fell by more than Rs 18.89 against the US dollar during intra-day trade at the interbank market, ahead of the monetary policy review and the delay in the International Monetary Fund (IMF) agreement.
The greenback was trading at Rs 285 against the local currency at around 11:36 am. It had closed at Rs 266.11 a day earlier.
Speaking to JEE News, ECAP General Secretary Zafar Parhaka said that the biggest concern in the market is the delay in agreement with the IMF, however, the lender’s exchange rate with the gray market. The imposition of conditions has given rise to uncertainty.
Pracha said, he thinks the current rate is too high and should not have increased so much.
He added that the greenback was trading at Rs 290 in the gray market a day ago.
Meanwhile, currency market expert Adnan Asghar said the currency was depreciating following the delay in the deal between Pakistan and the IMF. He said the country was “closer to default” with the delay.
“Political uncertainty was another factor behind the depreciation of the rupee,” he added.
