The rupee has made a slight recovery against the dollar in the interbank market and has reached Rs132.40. The dollar has gone down by Rs 1.40 in the interbank market and by a rupee in the open market to reach Rs131.50. In the open market, the selling price of the foreign currency is Rs132.50.
As soon as IMF asked Pakistan to disclose all its debts with “absolute transparency”, the value of rupee has strengthened slightly. Earlier the US dollar increased by Rs9.75 and reached Rs 134 in the interbank market and by over Rs6.50 in the open market.
According to the State Bank of Pakistan (SBP), the rupee decline is mainly due to the present account dynamics and a gap in the demand & supply in the foreign exchange market.
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Thus the government decided to reach out to the International Monetary Fund (IMF) to cater to the current financial crisis that has created an uncertainty in the market. If a consensus is reached, Pakistan will go for an IMF bailout for the 13th time since 1988.