Despite after receiving the first tranche of $991.4 million from the International Monetary Fund (IMF), the Pakistani rupee on Wednesday further lost its value by 63 paisa and hit Rs158 against the US dollar in the interbank market.
The stringent conditions – on which the global moneylender has formally approved the bailout package of $6 billion for Pakistan – seem to exert more pressure on the local currency.
Yesterday, the trading of the greenback closed at Rs157.37 in the interbank market.
Economists are of the view that effective measures must be implemented on the priority basis to recover the state from the balance of payment deficit.
They anticipate that the recent rise in the dollar could be due to the balance of payments deficit.
Moreover, the state’s exports are required to grow significantly, and the imports must be reduced to remove pressure on the local currency.
According to experts, the government must ensure implementations on economic policies after the deal with the IMF.
It is anticipated that the US dollar rate would fluctuate for some time, and the value of the Pakistani rupee would stabilise after proper implementation of the economic policies.