Dollar soars to Rs209 in interbank trade


Uptick continues
The value of the Pakistani rupee, again and again, plummeted to another all-time low in the interbank market against the US dollar.
On Friday, the greenback rose by Rs1.33 and reached an all-time high of the Rs209 mark during the intraday trading session while in the open market, the US dollar soared to Rs210. Economists have linked the decline in the value of the rupee with the uncertainty over International Monetary Fund (IMF) talks.
The depreciation came after the IMF representative for Pakistan urged the government to implement more budgetary measures before the Fund could approve the next loan tranche for Pakistan.
Statements by Finance Minister Miftah Ismail have also impacted the market. After tabling the federal budget on June 10, the finance minister has been reiterating that the global lender has expressed concerns about the recent budget.
Earlier, the pressure on the local currency had eased when the government banned the import of non-essential luxury goods, but since last week, the US dollar started taking off again.
Meanwhile, to meet IMF’s expectations, the government has already hinted at re-imposing the petroleum development levy (PDL) by adding a receipt estimate of Rs720 billion under this head in the next fiscal year beginning on July 1.