In Pakistan, dollar continues to fly faster than the rupee. For the first time in the history of Pakistan, the dollar reached new historical highs in the interbank open market. The results of joining the IMF program by fulfilling the conditions required to overcome the foreign exchange crisis were seen in both the foreign exchange markets.
The dollar rose by Rs 7.08 to Rs 262.50 in the interbank market and Rs 3 to a new high of Rs 263 in the open currency market. Experts say that as the first step of the rationalization policy, the dollar’s value has been determined based on market forces.
With this measure, the value of the dollar and inflation will increase, but the outflow of dollars will stop. Workers’ remittances will increase, and black marketing and hoarding of dollars will decrease. The delay in approaching the IMF had increased the risk of default. Still, with the recent emergency measures taken by the government, the revival of the IMF loan program seems possible for Pakistan.
In the case of an agreement with the IMF, it will not only be possible to obtain loans from other international organizations and friendly countries, but dollar reserves will be available for external payments this year.
It should be noted that the dollar value also increased by 24.39 rupees in the interbank yesterday.