The value of the US dollar continues to rise in the exchange market, adding further pressure on the Pakistani rupee.
According to currency dealers, the dollar’s value increased by 9 paisas at the start of business today, bringing the exchange rate to Rs278.60. This rise follows a consistent upward trend observed throughout the current business week. Just yesterday, the dollar saw an increase of 10 paisas against the rupee, highlighting the ongoing depreciation of the local currency.
In contrast, the Pakistan Stock Exchange is experiencing fluctuations. The benchmark KSE-100 Index has shown a slight increase, trading up 57 points to reach 79,898 points, indicating mixed performance in the stock market amid the currency volatility.
Meanwhile, on Wednesday, federal Finance Minister Muhammad Aurangzeb revealed ongoing negotiations with the International Monetary Fund (IMF) for additional loans, highlighting their focus on advancing economic reforms. In a statement released by the Ministry of Finance, Aurangzeb discussed the successful completion of a nine-month loan program with the IMF and disclosed ongoing talks for a new medium-term program. He underscored Pakistan’s foreign exchange reserves standing at $9.4 billion, robust stock market performance, and a notable decline in inflation to 12.6% as of June.
