Dollar gains value by Re0.78 in interbank, Re0.20 in open market
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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.
Read more
On DawnNews
Comments (24) Closed
Jul 08, 2019 07:16pm
Unless money changer MAAFIA acts honestly and operate according to law.
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Jul 08, 2019 07:16pm
I think IK should now start controlling the dollar a bit to gain a bit of political ground - IMF loan has been passed and other countries have also helped now and reserves should anyways eventually go up as predicted.
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Jul 08, 2019 07:20pm
All the influx of dollars is loans and not earned money. All has to be returned with interest! So next govt will blow the same trumpet which imran is blowing but with a higher tone due to increased magnitude of loans!
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Jul 08, 2019 08:04pm
Thats a phenomenal rise!! Keep it going
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Jul 08, 2019 08:24pm
@Adi, loans is not a problem, the problem is when you take loans that do not reduce debt and do not increase your income. Like taking a loan and blow it on a holiday. That’s what PML-N did.
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Jul 08, 2019 08:29pm
IMF loan is the reason for the huge devaluation of Rupee by almost 30%, in the first place. It has also increased the repayment of all loans burden to a killing level.
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Jul 08, 2019 08:43pm
Again, buy the dollar before the selected PM makes it touch 200
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Jul 08, 2019 09:10pm
In my humble opinion, such a news article on financial stories must be complemented with a graph.
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Jul 08, 2019 09:12pm
Loans have double by imran khan in just 8 months
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Jul 08, 2019 09:39pm
Devalue it by Rs50 in return give was .75p!!! Good going ....
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Jul 08, 2019 10:06pm
How business men can do costing if dollar is so volatile?
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Jul 08, 2019 10:10pm
@Adi, people will understand next govt problem cause everyone know how much loan PMIK has took in the span of 10 months.
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Jul 08, 2019 10:33pm
Most of the time Malik Bostan's predictions fall flat. I have lost trust in his statements.
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Jul 08, 2019 11:02pm
The IMF wants currency devaluation so resources of poor countries can be robbed easily. For one dollar they can extract more than they did before the devaluation, and the price per resource was low to begin with given the many poor countries cpeting for monopoly dollars from the West. This is nothing other than colonization in new clothes. Unfortunately the current government in the garb of patriotism has facilitated the re-colonization of Pakistan.
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Jul 08, 2019 11:04pm
The IMF wants currency devaluation so resources of poor countries can be robbed easily. For one dollar they can extract more than they did before the devaluation, and the price per resource was low to begin with given the many poor countries cpeting for monopoly dollars from the West. This is nothing other than colonization in new clothes. Unfortunately the current government in the garb of patriotism has facilitated the re-colonization of Pakistan.
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Jul 08, 2019 11:22pm
@Gaz, ..... Exactly.
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Jul 08, 2019 11:26pm
Pls correct...its 1 billion dollar expected to come in few hours not 2 billion for now...
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Jul 08, 2019 11:52pm
Base your economy for important of your poor, the Rs will get stronger
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Jul 09, 2019 01:51am
Let us hope that once the IMF money is obtained, the value of Pakistan Rupee will be regained. This would be a turning point for us.
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Jul 09, 2019 04:41am
With current withdrawals of 38% international investments, local investors & stock market in doldrum due to fluidity of currency, this hide and seek game higher cost of dollar is likely to continue, despite these lofty statements to contrary.
With FE reserve touching $7B redline, the 10 million dollar question remains tied up to hopes of attainment of high target of 5.55 trillion in tax collection. If the govt. failed to achieve it, like last time, the fluctuation of currency will pickup heat.
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Jul 09, 2019 06:21am
@Life, .... $2 billion will be delivered to Pakistan in the next 24 hours.
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Jul 09, 2019 07:02am
Unless gain exports, Rupee will stay volatile.
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Jul 09, 2019 10:07am
Real effective exchange rate is rs 200 to usd
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Jul 09, 2019 03:59pm
1 Bangladesh Taka = 2 Pakistan Rupee [July 2019].
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