
The delay in agreement with the IMF has once again had a negative impact on the value of Pakistan's currency and on March 2 (Thursday) Pakistan saw a sudden rise in value of one dollar to more than 18 rupees, which is the Pakistani rupee. Equivalent to more than six and a half percent reduction in value.
The rise in the value of the dollar started on Wednesday and at the close of business on March 1, the interbank rate of the dollar in Pakistan stood at Rs 266 11 paise, after an increase of four rupees.
However, as the market opened on Thursday, the value of the dollar started to increase rapidly and within a few hours, the price of one dollar rose by around 19 rupees to reach 285 rupees, which is a new record in the country's history.
The dollar rate closed at 285.09 at the close of business on Thursday. Not only this, but one dollar was sold for more than 300 rupees in the open market.
The increase in the value of the dollar has come at a time when Pakistan is facing an economic crisis in which the foreign exchange reserves have also fallen below four billion dollars. On the other hand, the government is looking to the International Monetary Fund (IMF) to deal with the crisis.
At the end of January, foreign exchange companies in Pakistan announced that the artificial cap on the value of the dollar had been removed, after which some stability was seen in the currency market and the visit of the IMF team. After Pakistan, some appreciation of the rupee was also seen.
However, after this visit, there has been no announcement from the IMF regarding the agreement regarding Pakistan's loan program and Pakistan's Prime Minister Shehbaz Sharif said last week that the agreement with the IMF It will take more time.
Experts say that this uncertainty is affecting the market.
Whether the government will be able to convince the IMF for financial assistance or not, fears are being expressed in Pakistan about how deep the rupee's devaluation will have on the economy and the common man, and whether the rupee value will be restored?