Dollar jumps to all-time high of Rs138 in open market
LAHORE (92 News) – The US dollar on Tuesday increased Rs12.75 in inter-bank just within one day and now jumps to all-time of high Rs134 across the country.
According to the forex dealers, the dollar was up by Rs9 as market opened today as it stood at Rs124.25 when the market closed on Monday. The increase in dollar has led to uncertainty in the market. The dollar soars to Rs138, touching the highest level of Rs 138 in the open market after increase.
Meanwhile, the business has become rapid in the stock market. KSE-100, the benchmark index of the Pakistan Stock Exchange increased by 1044 points 100 index is trading on 38942 points.
It was reported that the rapid increase in the value of dollar due to the government’s decision to approach the International Monetary Fund (IMF) to deal with the prevalent financial crisis.
In a statement on Monday, Finance Minister Asad Umar said that economic resumption is not an easy task. “The nation understands the difficult economic conditions. It is our priority to come out of economic crisis successfully,” he said.
The minister said that the government will utilize more than one options to come out of the difficult situation. “Consultations are going with friend countries for the restoration of economy. We have also consulted economic experts in this regard,” he added.
The minister said that they had decided to start talks with the IMF. “We want such program which will affect the poor least,” he said. He added that they do not want to change the party’s basic manifesto to overcome the economic crisis.
Asad Umar said that the nation has always faced difficult conditions successfully. “Each outgoing government left an economic crisis for the coming government,” he added.
The minister said that they want to stabilize the economy on permanent basis. He will leave for Indonesia to hold talks with the IMF delegation soon.
On the other hand, the IMF has put 20 conditions to give the bailout. The conditions include a decrease in the rupee value and an increase in the dollar rate. After an increase in the price, the dollar price will touch Rs 150.
The IMF has also demanded an increase in the prices of electricity and gas. It is expected that the power rate will touch Rs 21 per unit.