The Pakistani rupee’s wild decline against the US dollar resumed on Friday as the local currency remained under pressure during intraday trade in the interbank market as a result of a variety of factors.The rupee was trading at 220.44 against the dollar, down 1.03 from yesterday’s finish of 219.41, continuing its week-long weakening trend.
The rupee will continue to decline, according to analysts and experts, until the International Monetary Fund (IMF) distributes Pakistan’s $1.17 billion tranche during its executive board meeting on August 29.
Acting Governor of the State Bank of Pakistan, Murtaza Syed, stated that after the Executive Board’s approval, Pakistan is likely to receive the IMF tranche within six days.Analysts predict that once Pakistan obtains the IMF loan, the government would receive more assistance from bilateral and multilateral organisations, restocking its depleted foreign exchange reserves.
The government eased the lengthy restriction on the import of luxury goods in response to pressure from the IMF and other factors, and the rupee has been under pressure as a result of the export growth rate falling short of expectations.The open market price of the US dollar has increased as a result of the need that travellers from Pakistan report 5,000 dirhams at the airport upon arrival in the UAE.
