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The Pakistani rupee was again at the receiving end against the US dollar on Saturday, reaching a high of Rs302 against the Pakistani rupee in the open market.
Under the $3 billion Standby Arrangement signed with the IMF in late June, the previous coalition government agreed to maintain a single currency rate in both interbank and open markets, with a slight difference of up to 1.5pc increase in the open market’s value.
A 20 percent depreciation of the rupee was also requested by the IMF, according to media reports, meaning that by the end of the current fiscal year, the dollar should be worth roughly Rs330–340.
Currency traders contend that the dollar is strengthening as a result of this agreement with the IMF, despite the State Bank’s larger foreign exchange reserves.
The dollar in the interbank traded at Rs288.40 on Friday, the last working day for the banking market.
Currency dealers express concerns about the grey market, where dollars are traded at prices much higher than those in the open market. The current grey market price for the dollar is approximately Rs315 and is expected to rise along with the price hike in the domestic market.
