PHOTO: REUTERS
The inter-bank rate also increased by Rs2.40.
“There is speculation the rupee will depreciate to 165-170 against the US dollar in the inter-bank market as per IMF’s conditions,” Exchange Companies Association of Pakistan (ECAP) Secretary General Zafar Paracha said while talking to The Express Tribune in May.
Pakistan, IMF strike $6 billion deal
Topline Research reported that there were chances that the rupee would weaken 13-17% to 160-165 to the greenback by December 2019.
The International Monetary Fund (IMF) had conditioned to let the market forces decide the rupee-dollar exchange rate going forward.
Implementation of this condition was a must to acquire IMF board’s final approval for its 39-month long loan programme worth $6 billion for Pakistan. The government entered into the IMF programme on May 12 and the IMF board is expected to meet sometime in June.
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