Rupee takes another blow on the first day of the week
Rupee stabilization is looking like a dream as the United States dollar has further appreciated by 84 paisas on Monday (today).
The seesaw ride of the local currency continues but the general trend is downwards.
Currently, the rupee in the intraday trading market is trading at Rs176.30 against the US dollar.
Rupee closed at the mark of Rs175.46 on Friday. Since the opening of the market, it has gone up by Rs0.84.
Pakistan is set to receive a $3 billion loan from Saudi Arabia. Earlier, Federal Minister Fawad Chaudhry announced the legal procedure has been completed.
Financial experts had mentioned that Pakistan will be able to crib rising inflation and dollar price hike after this financial payment from Saudi Arabia.
But currently, no such impact has been observed. Once the deposits from the Saudi Kingdom are completed, then the impact will be visible, financial experts asserted.
Earlier week while talking to the media, Adviser to Prime Minister on Finance and Revenue Shaukat Tarin had mentioned that the rupee should be valued at the mark of Rs165. He further added that the rupee is undervalued by at least Rs10.
Shaukat Tarin went on to say that the speculators are behind this high rise of the dollar but they will lose when the rupee starts to stabilize.