The dollar fell another 50 paise to a 21-month low.
Following the resumption of the IMF bailout package, Pakistan received a کروڑ 500 million installment of budget support from the IMF under the Extended Fund Facility and the successful sale of 2.5 2.5 billion Eurobonds from Pakistan. Also on Wednesday, the dollar fell further to below Rs 153, the lowest level in 21 months.
In both the foreign exchange markets, the dollar depreciated since the start of trading on Tuesday, closing at Rs 152.75, down another 33 paise after fluctuating in the interbank market. Similarly, in the open currency market, the dollar lost another 50 paise to close at Rs 153.20.
Experts say that after the auction of Eurobonds and the receipt of a loan installment from the IMF, Pakistan’s foreign exchange reserves will increase by 3 billion, as a result of which the value of government reserves will exceed 16 16 billion. The dollar is expected to depreciate further as supply increases.