The US dollar depreciated further against the rupee in the interbank market and fell below Rs.158.
According to Forex dealers, the US dollar fell by Rs2.17 paise in the interbank market on Monday, May 4. Earlier, the dollar was at Rs.160.17, which has now come down to Rs.158.
Asad Rizvi, a forex expert on the Pakistani rupee, says that the value of the rupee has improved with the receipt of 1.4 billion dollars from the IMF, which has room for further improvement.
According to Asad Rizvi, with the increase in foreign exchange reserves, the interbank exchange market will remain stable. The current account deficit was 2.76 billion dollars in nine months due to lower crude oil prices and declining imports. A couple of weeks ago, Pakistan Rupee started appreciating against the US dollar with slight changes after it reached the highest point a month ago, the Rupee depreciation started due to uncertainties in the market after the looming effects of Coronavirus outbreak.