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Rupee Falls Further Against the Mighty Dollar

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On Monday, the value of Dollar hiked up as Rupee fell yet further by Re0.78 in the interbank while Re0.20 in the open market.

Reportedly, Dollar traded at 157.78 Rupee in the interbank Market, and traded at around 157.20 Rupee in the Open market.

Malik Bostan, the President of Exchange Companies Association of Pakistan (ECAP) has reportedly claimed that Dollars ascending trend will soon come to a halt as traders and authorities expect around an incoming amount of $2 billion dollars to be received by Pakistan in the following 24 hours.

The President further claimed that following the transfer of the $2 billion tranche of loan by the International Monetary Fund (IMF) will result in further reduction in the value of Dollar. Furthermore, the IMF loan has aided authorities to issue the Sukuk bonds which has generated another $2 to $3 billion.

Malik Bostan also asserted that around $6-$7 billion Dollars are to be expected from various regional monetary institutions in the foreseeable future. The incoming amount of money has improved the supply of Dollar in the market, hence enabling the reduction in the value of the Mighty Dollar in the coming future.