Monthly USD to PKR fluctuation during the last 30 days shows increase by PKR 14 and 6.8 in term of percentage, Yearly performance of US Dollar to PKR difference shows 1 US Dollar increase by PKR 55.3 and 33.58 in value. “With the pronounced rupee slide, financial institutions tried to cover import payments. Pakistan Rupee yesterday performance against USD shows decrease in PKR -9 or -3.93 in value. Talking about the increased demand for the greenback in the interbank market, the economist said that banks do not cover LC payments on opening but completely cover them at the time of getting the flows. “In this regime, trade deficit and market influencing news make a lot of impact on currency changes,” the former adviser to the finance ministry said.ĭr Hassan said that the recent adjustment of the Pakistani rupee is partly influenced by uncertainty due to election results coupled with a Fitch downgrade. Shedding light on the situation, economist and former adviser to the federal ministry of finance Dr Khaqan Hassan Najeeb said that Pakistan follows a market-determined exchange rate system. “I usually also stress upon long-term planning but at this hour adept fire fighting is extremely critical,” Rahman stressed. “The depreciation this week, amongst other factors, has been triggered by the political surprise that the electorate delivered in Punjab on the weekend, and this frenzy should fizzle out soon,” she said.īut Pakistan, she said at this hour, needs active intervention as the overall outlook is fast becoming precarious with fast depleting liquidity. Finance Minister Miftah Ismail, however, believes that the economy is on the right track and once political stability returns - which has been uncertain since the coalition government’s take over - the rupee will strengthen against the dollar.ĭevelopment economist Maha Rahman said that at this hour, foreign assistance from IMF and our long-term allies and its timeliness is more critical than ever before.
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