KARACHI: The US dollar is being traded at Rs 155.50 in the interbank market after closing down by Re 1 on Wednesday evening and the market experts claimed that higher inflows of dollar through Digital Roshan Accounts (DRA) are supporting the local currency.
The dollar is being sold at Rs 155.70 for buying and Rs 156.20 for selling in the open currency market today. The dollar depreciated Rs 4.50 since the start of 2021, while Pak rupee gained Rs 12.45 in last one year.
Pakistan Forex Association President Malik Bostan said that International Monetary Funds (IMF) will also release around $500 million tranche of Pakistan on March 24.
“The IMF is fully satisfied with Pakistan’s reform measures regarding increase power sector billing structure and other subsidy issues,” Bostan claimed.
However, the banking sources claimed that Pakistan had received another $700 million through DRA from abroad which will beef up State Bank coffer.
The market experts said that the tension of Pakistan Democratic Movement (PDM) has been vanished and there is no hurdle in foreign portfolio investment. The portfolio investment has started pouring in to the Pakistan Stock Exchange (PSX), they added.
Hafeez Shaikh, adviser to Prime Minister Imran Khan said in his tweet, “I would like to share that the Government of Pakistan has reached a staff level agreement with the IMF. Overcoming the challenges created by the Pandemic has required concerted effort.”
“I would like to thank the Prime Minister for his guidance, and all my colleagues and the IMF staff for their support. This is a good development for Pakistan,” he added.
Pakistan has also received $1.4 billion from the IMF’s Rapid Financing Instrument in separate, emergency funding to help it fill a funding gap stemming from the coronavirus pandemic.
