Dollar gains value by Re0.78 in interbank, Re0.20 in open market

Jul 08 2019

Email

In the interbank market, the greenback traded at Rs157.78. — AFP/File
In the interbank market, the greenback traded at Rs157.78. — AFP/File

The surge in the value of the dollar continued on Monday as the rupee shed its value by Re0.78 in the interbank market and Re0.20 in the open market.

In the interbank market, the greenback traded at Rs157.78. Similarly, in the open market, the dollar traded at Rs157.20.

Read more: Sinking rupee and its fallout

Exchange Companies Association of Pakistan (ECAP) President Malik Bostan told DawnNewsTV that the upward trend in the value of the greenback is about to end as authorities and traders are expecting that $2 billion will be delivered to Pakistan in the next 24 hours.

He predicted that the value of the dollar will reduce after the tranche of the loan by the International Monetary Fund (IMF) arrives.

He said an additional amount of $6 to $7 billion is expected from other international and regional monetary institutions in the near future. As a result, the dollar's supply in the market will improve, paving ways for further reduction in the value of the greenback, he added.

Malik Bostan said that the IMF loan also mended ways for Pakistani authorities to issue Sukuk bonds, generating another $2 to $3.