The US dollar, which began its upward trend yesterday, has soared to a new historic high against the Pakistani rupee, surpassing all prior records.
According to forex dealers, the US dollar began the day gently with a 44-paisa increase before soaring to a new record level of Rs203.50, up Rs3.44 during intrabank trading on Tuesday.
The situation was similar in the open market, where the US dollar rose to a historic high of Rs204, up to three rupees.
After being buffeted last week, the Pakistani rupee plummeted spinelessly and depreciated by Rs2.25 yesterday, shattering the Rs200 threshold once more. Yesterday, the dollar rate was closed at Rs200.04 at the end of market activity.
Interbank closing #ExchangeRate for todayhttps://t.co/HjHGD7tdJi pic.twitter.com/8DA4qDCX6T
— SBP (@StateBank_Pak) June 6, 2022
According to forex traders, the Pakistani rupee would stay under pressure until the government and the IMF reached an agreement.
The situation in intrabank trade may continue volatile and unsettled until the federal budget is presented.
Meanwhile, Finance Minister Miftah Ismail has expressed hope for an IMF deal and rollover of a $2.3 billion Chinese loan that would improve the foreign exchange reserves of the country.
Traders believe caution can be expected this week ahead of the unveiling of the federal budget for the fiscal year 2022-23 scheduled to be announced on June 10 (Friday), with investors expecting IMF conditions of fiscal consolidation to dominate.
