Thursday, June 30, 2022

US dollar crosses Rs209 mark as rupee devaluation continues

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KARACHI: The US dollar on Monday once again gained value in the interbank against the rupee at the beginning of the week as the government faces a delay over a deal with the International Monetary Fund (IMF) amid declining forex reserves, ARY NEWS reported.

The dollar at the beginning of the week saw an increase in value by Rs1.20 against the rupee and traded at Rs209.95. In the open market, the US dollar traded between Rs210 and Rs212.


Pakistan had sought support from the United States for the revival of the IMF programme as the global lender has not yet agreed to a staff-level pact despite the tough measures by the government.

According to details, Finance Minister Miftah Ismail and Minister of State for Finance Ayesha Pasha met with US Ambassador Donald Blome and sought Washington’s support for the revival of the IMF programme.

Read More: PAKISTAN’S FOREIGN EXCHANGE RESERVES DECLINE BY $240 MILLION

Blome was apprised that the government has proposed fiscal consolidation equal to 2.2 percent of Gross Domestic Product (GDP) in difficult circumstances.

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