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US dollar hits back at Pak rupee hard

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ISLAMABAD: The tables have turned again as the US dollar struck back hard at the Pakistani rupee for the second consecutive day on Friday.
Repeating its Thursday’s performance, the greenback on Friday first recovered 80 paisas it lost early in the morning to the rupee and they built on it and shot up to Rs175.50 registering a positive climb of another 83 paisas.It was the Pakistani rupee’s turn to pound on the US dollar in the morning as the inter-bank trading began but it could not hold it and ran out of steam at midday. The dollar started the day at Rs174.67 but soon slided to Rs173.85 as the rupee emerged stronger in the trading on the last day of the week. However, after a few hours, the situation was quite opposite as the rupee was trailing by 83 paisas to the dollar.
The US dollar took a U-turn on Thursday as it gained 91 paisas after days of hammering by the Pakistani rupee. Experts opined that the rupee was under pressure due to the snowballing trade deficit. There was a trend for demand of the dollars keeping in view the import payments, they added.
Talking to media in Islamabad on Tuesday last, Finance Advisor to Prime Minister Shaukat Tarin had given a hint of a slide in the rate of the dollar against the Pakistani rupee soon. The advisor said the dollar would fall after the agreement with the International Monitory Fund (IMF). He said that the IMF had called for five precautionary measures before the deal, according to which, Pakistan had already increased electricity prices.
While he added that the bills related to eliminating tax exemptions and State Bank of Pakistan (SBP) autonomy had been prepared and the law ministry was finalizing the draft to move in the House. – TLTP