According to the media sources upward trend of Pakistani Rupees against US dollar witnessed during the two working days have stopped and dollar has stregthened again.
As trade opened on Wednesday, the dollar price in Pakistan initially gained 6 paise in the interbank market, but later settled by Rs 2.06 to trade at Rs 277.50.
Later, the value of the dollar rose further in the interbank market and increased by Rs 2.56 and settled at Rs 278 to the dollar by noon. Meanwhile, in the open market, the dollar price increased by one rupee to 280 rupees.
According to the analysts the last two days sharp decline in the dollar rates were due to Impact of IMF agreement and the Pakistani stock markets also responded positvely to the loan agreement.
It may be noted that on the first and second days of the current business week (Monday and Tuesday), the dollar lost its value sharply against the rupee. Yesterday, the dollar fell by a total of Rs 10.55 to trade at Rs 275.44 in the interbank market.
Similarly, during the last two days in the open market, the price of the dollar decreased by 11 rupees to reach 279 rupees. The gold prices in the country also fell down significantly but all this was just for a very short span of time.
Commentry:
As the present government and its supporters were happy on the loan agreement with IMF, stating that it will strengthen Pakistan’s economy, Some serious people said that no country’s economy has ever strenthened with IMF loan. It is just a temporary relief for a weak economy.