Rupee fight against US dollar halted after 10 days
US dollar price appreciated by 85 paisas against rupee as USD is trading at Rs171.85 against PKR in the intraday trading market on Tuesday (today).
Rupee 10 days fight against the US dollar comes to an end as the dollar starts to climb up the ranks one more time.
According to financial experts, a steep down in the Pakistani rupee is witnessed because of the delay in Pakistan and IMF $6bn loan revivial agreement signatures.
Earlier, Shaukat Tarin, Adviser to Prime Minister on Revenue and Finance announced that the deal with the IMF was set to be signed last week. But there is no development news regarding the signature of the deal between both parties.
Also Read: Rupee battle against the dollar continues
Rupee’s fight against the dollar started on October 26 after the announcement of Prime Miniter Imran Khan about the financial support from the Saudi Arabia government. The kingdom also provided the option of deferred payments of the petrolem prices. This news changed the market trend and sentiments after which the rupee started to appreciate against the dollar after weeks of price depreciation.
Sources from the financial departments reveal that there is an increase in demand for the dollar from the importers thus dollar price against rupee is getting appreciated.