Daily The Business

Rupee bounces back after record low agaisnt dollar

The Business Report

KARACHI: The US dollar down by Rs2 in the open market after reaching all time high of Rs 146 on Wednesday following strong speculations that the local currency will depreciate further after the signing of a bailout agreement with the International Monetary Fund (IMF). The US dollar closed at Rs144 in the open market.
A high level meeting held this afternoon at Prime Minister House Prime Minister Imran Khan met an ECAP delegation led by Sheikh Allaudin, Malik Bostan, and Sheikh Mureed. Other meeting members were Director General FIA, Director General IB, Chairman FBR and Governor SBP.
Government made it crystal clear that it will take strict action against Exchange Companies Rate of currency agreed and if they deviate they would not be spared.
Currency rates agreed upon are:
Buying 143.50 and selling 144.00, Saudi Riyal buying and selling at 38.20 / 38.35 and UAE Dirham buying and selling 39.05 / 39.20.
According to officials, strict compliance has been insisted upon during the meeting. ECAP will not stand by any company diverging from these set rates and will not stand with the companies running dual sets of rates or avoiding receipting.
The president of exchange companies told media after the meeting that after government’s assurance, US dollar stabled at Rs 144 in the open market. He said the forex companies have suggested lowering the limit of dollar export to foreign countries to 3,000 instead of 10,000. He said in this way the situation of supply and demand would be better.
He added that the exchange companies would support government in stabilizing the foreign currency.
The rupee devaluation was observed three days after the Prime Minister’s Adviser on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Sheikh announced to have finalised a three-year bailout with the IMF for $ 6 billion.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy