ISLAMABAD: The Pakistani rupee on Thursday took a hit against the US dollar during the intra-day trade in the interbank market amid further delay in the agreement with the International Monetary Fund (IMF).
The greenback depreciated Rs2.88 against the US dollar and changed hands at Rs282 in the interbank market at around 10:40 am. The rupee had closed 279.12 a day earlier.
Zafar Paracha, General Secretary Exchange Companies Association of Pakistan, said there was no primary reason behind the depreciation as the market saw an upward trend. He said the depreciation could be based on the delay in signing the deal with the IMF.
“Citizens would remain in doubt until the government strikes the agreement and until it gets all the payments after approval,” Paracha said, adding that the market would remain reluctant till the agreement is secured.
Besides that, there was pressure from the IMF and foreign investors to weaken the local currency so that they could invest.
He said, “They want to close the dollar on a maximum rate and make the investments in PIDs or government securities by 20-22 percent.”
