Caretaker government does necessary homework for imminent IMF bailout package

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Caretaker government does necessary homework for imminent IMF bailout package

ISLAMABAD – The value of the US dollar closed at a high value of Rs128.26 on Tuesday in interbank trading with an addition of 26 paisa.

According to details, dollar has gained Rs6.71 at interbank in two days and rupee for the fourth time depreciated by 5.5 percent.

Dollar during the session rose by as much as 75 paisa. The increase in exchange rate had also hiked the country’s foreign debt volume by Rs2000 billion.

Selling from exporters curtail speedy increase in dollar.

Since December, dollar registered an increase of Rs22.50 or 21 percent while debt payment pressure rose by Rs 2000 billion.

Meanwhile, dollar went up to Rs129 with an addition of 25 paisa in open market.

An analyst said that pressure on the currency mounted following the speech delivered by the care taker finance minister Dr Shamshad Akhtar that spade work to enter in IMF would be prepared by the present government so that new government if they want to enter the program they could easily sail.

“This was enough to hint that all not well with the economy as reserves have fallen sharply since October and now the country less than one and half months to cover the import bill”, said the same analyst.