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US dollar down by Rs2 in open market after Imran attends high level meeting

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KARACHI: The US dollar down by Rs2 in the open market after reaching all time high of Rs 146 on Wednesday following strong speculations that the local currency will depreciate further after the signing of a bailout agreement with the International Monetary Fund (IMF).
The US dollar closed at Rs144 in the open market.
A high level meeting held this afternoon at Prime Minister House Prime Minister Imran Khan met an ECAP delegation led by Sheikh Allaudin, Malik Bostan, and Sheikh Mureed. Other meeting members were DG FIA, DG IB, Chairman FBR and Governor SBP.
Government made it crystal clear that it will take strict action against Exchange Companies Rate of currency agreed and if they deviate they would not be spared.
Currency rates agreed upon are: Buying – 143.50 and selling 144.00; Saudi Riyal buying and selling at 38.20/38.35; and UAE Dirham buying and selling 39.05/39.20.
According to officials, strict compliance has been insisted upon during the meeting. ECAP will not stand by any company diverging from these set rates and will not stand with the companies running dual sets of rates or avoiding receipting.
The president of exchange companies told Dunya News after the meeting that after government’s assurance, US dollar stabled at RS 144 in open market. He said the forex companies have suggested lowering the limit of dollar export to foreign countries to 3000 instead of 10000. He said in this way the situation of supply and demand would be better.
He added that the exchange companies would support government in stabilizing the foreign currency.
The rupee devaluation was observed three days after the Prime Minister’s Adviser on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Sheikh announced to have finalised a three-year bailout with the International Monetary Fund (IMF) for $6 billion.
Meanwhile, Doctor Sania Nishtar has been appointed a special aide to Prime Minister Imran Khan on government’s poverty alleviation and social protection campaign.
As per an official notification issued on Wednesday, the federal cabinet of the prime minister was extended further as Dr Sania will now operate on the level of a federal minister to supervise the matters related to the poverty alleviation and social protection campaign.
She is also the chairperson of Benazir Income Support Program and head
of newly-launched ‘Ehsaas’ program.
Ehsaas is the biggest and the boldest programme for the poor ever launched in Pakistan. The government looks forward to working with all stakeholders – public, private, civil society, philanthropists and expatriate Pakistanis – to ensure that we deliver on our promise of lifting millions of people out of poverty and build a strong foundation together for a stronger, safer and successful Pakistan,” the policy statement says.
On March 27, Prime Minister Imran Khan launched the poverty alleviation program for the welfare of the public, with the name ‘Ehsas’.
Under the program, PM Khan had said, the government is increasing its spending by Rs 80 billion in underdeveloped areas which will augment incrementally and in the next phase, it will be brought to Rs 120 billion rupees.
The premier said the first change that would be brought under the poverty alleviation plan would be amending Article 38(D) of the Constitution which included a clause regarding providing people with food, shelter, clothing, education and taking care of their health.
But the provision in its current form is only a policy recommendation, Khan noted, saying that the government would need to bring an amendment in the Constitution and make it a “fundamental right” so the state can guarantee these five things to the people of Pakistan.
He said that Pakistan Baitul Maal would create 10,000 homes for orphan children in four years whereas 20 new centres would be established for disabled and special persons.
In the next four years, the government would help 3.3 million people whereas Rs 33 billion have been added to the Insaf Insurance scheme, he held.
Meanwhile, Prime Minister Imran Khan met Chief of the Army Staff General Qamar Javed Bajwa on Wednesday, the PM office said in a statement.
The meeting took place at the Prime Minister House in the federal capital.
According to the PM Office, matters relating to the security of the country were discussed during the meeting. – NNI