ISLAMABAD – US dollar may hit Rs 150 mark against Pakistan Rupee over theissue of IMF bailout package
The dollar is on the rise again and has hit its highest level ever ofRs142.5 on Saturday.
The greenback was trading at Rs142.5 in the open market on Saturday,breaching its previous high of Rs140.78 on Friday.
Last year, the dollar appreciated 27% against the rupee, witnessing two ofits biggest ever single day jumps in the short span of one and a halfmonths. It was one of the most volatile years in terms of exchange rates.
Experts attribute last year’s rise in dollar rates to our depleting foreignexchange reserves, which fell below $7 billion in December. This level wasnot sustainable beyond two months of import payments. The shortage ofdollars had kept rupee under pressure for most of 2018 and resulted in itsdevaluation.
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However, the government was able to secure back to back aid packages fromSaudi Arabia and the UAE during Prime Minister Imran Khan’s visits lastyear. The Saudi government has dispatched the $3 billion it had pledged insupport of our foreign exchange reserves. The UAE, on the other hand, hassent $2 billion and will send another $1 billion soon. China also recentlysent $2.1 billion to support Pakistan’s dollar reserves.
