KARACHI: The rupee again lost its value against the US dollar on Tuesday in the interbank market leaving no chance to survive against the high tide of dollar demand.

The State Bank reported the closing price of dollar at Rs232.93 in the interbank market as the greenback gained Rs3.05 on Tuesday. Since the inception of new government in Islamabad in the beginning of second week of April, the dollar appreciated by 28 per cent or Rs51 per dollar.

The importers are unable to arrange dollars for imports while State Bank is unable to improve its foreign exchange reserves still below double digit.

Currency dealers said that currently the political uncertainty is more critical than economic performance. The uncertainty in the currency market is a reflection of political situation of the country.

So far the government could not arrange dollars to continue foreign paym­e­nts like debt servicing and strengthen exchange rate. The deal with IMF is still not clear for the market.

The finance minister used to claim every second day that the deal with the IMF is about to be signed.

Published in Dawn, July 27th, 2022

Opinion

Editorial

Counterterrorism plan
Updated 23 Nov, 2024

Counterterrorism plan

Lacunae in our counterterrorism efforts need to be plugged quickly.
Bullish stock market
23 Nov, 2024

Bullish stock market

NORMALLY, stock markets rise gradually. In recent months, however, Pakistan’s stock market has soared to one ...
Political misstep
Updated 23 Nov, 2024

Political misstep

To drag a critical ally like Saudi Arabia into unfounded conspiracies is detrimental to Pakistan’s foreign policy.
Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...