Surge in Dollar Rates Ahead of Federal Budget

dollar rates

The dollar rates have witnessed a historic increase in the interbank rate just before the federal budget was announced for the financial year 2019-2020 on Tuesday.

With a surge of Rs.1.85, the dollar rates reached Rs.151.95 in the interbank market today.

After a minor recovery of rupee against the US dollar, it started to get weak in the open market from Monday.

The greenback surged by Rs.2.70 paisa’s in the open market and was being exchanged at Rs.151.50 a day before.

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During the month of May, the value of rupee decreased consistently when it reached the highest rate of Rs.153 against the greenback on the 21st of May.

It is pertinent to mention that the rupee decreased after 3 days when the PM’s adviser on Finance—Abdul Hafeez Sheikh as per the announcement for the finalization of a 3-year bailout with the International Monetary Fund—IMF for $6billion.

On the other hand, the government of Pakistan Tehreek-e-Insaf is all ready to reveal its federal budget later today.

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