KARACHI: In the interbank market on Friday, the US dollar surged beyond the 210-rupee threshold after the market’s excitement over the restart of the International Monetary Fund (IMF) programme subsided.
During the day, the dollar was trading at Rs211 in the interbank market. After Pakistan and the Fund secured a staff-level agreement the day before, the rupee made a small rebound versus the dollar, closing at 209.80. There is still time before Islamabad receives the $1.17 billion loan because the disbursement is still pending IMF Executive Board clearance.
The analyst did, however, add that Pakistan would profit if oil prices fell to between $60 and $70 per barrel on the international market, but this appears challenging given that Brent crude is falling as a result of expectations for a global recession. “Oil prices will rebound after this passes.”
