The market closed nearly 300 points up on Wednesday as the investors’ concerns over the falling foreign exchange reserves were put to rest by the government’s announcement to approach IFM for a bailout to shore up the falling reserves. It will stabilize at around 115 rupees to the dollar - the level that Advisor to the Prime Minister on Finance, Revenue and Economic Affairs Miftah Ismail stated on record that he and the State Bank of Pakistan ⦠Instead by preventing it from falling they have built up many years worth of pressure that they now need to let go all at once. © 2020 ProPakistani.PK - All rights reserved. An analyst and executive director of research at Insight Securities Zeesha Afzal said the rupee was devalued and it was not a coincidence that it came when Pakistan formally announced to go for IMF bailout. This is the fifth round of rupee devaluations since December last year. Let's analyse the key factors that can contribute to this possible scenario - ZAWYA KSA Edition The Pakistan stock market reacted strongly to the governmentâs decision to opt for an IMF programme for stabilisation and economic recovery, with the benchmark KSE 100 index recovering 606 points on Tuesday. However, Pakistan is quite confident about the actions that PTI government has taken against money laundering and terror financing would assist Pakistan in exiting out from ⦠... but with the support of the State Bank of Pakistan ... there was a lot of pressure on the federal government to depreciate the rupee. He further noted that if the Indian rupee crosses the 74.50 level, then it is very likely that the domestic unit will depreciate further towards the 78 level in 2019. The interbank market is where banks trade foreign currency with each other to meet the requirements of international trade and other bulk uses. The report goes on to forecast USD-PKR to 140 by end-2018 (previously 130) and 155 by end-2019 (previously 139). market today (Thursday). Responding to a calling attention notice raised by Senator Sherry Rehman regarding the record devaluation of Pak Rupee against US Dollar, he said the price of the dollar against rupee ⦠As Pakistan has formally announced to approach IMF for a bailout package to fix the external account imbalances, the central bank may allow the rupee further depreciate. Mangala warns of further depreciation of rupee. It is to be mentioned here that during the annual review of Pakistan economy last week, the International Monetary Fund asked Pakistan to depreciate the currency and set the exchange rate at Rs145 a dollar to fix the external account issues. As Pakistan has formally announced to approach IMF for a bailout package to fix the external account imbalances, the central bank may allow the rupee further depreciate. âWe expect that the currency will further depreciate by up to 5 per cent before the country goes to the IMF programme,â Afzal said. Pakistan Today. If they let it float it would have depreciated and appreciated gradually as per market forces. رÛ. The dollar fell 21 rupee on the interbank market. Since the United States dollar suspension in 1971 of convertibility of paper currency into any precious metal, Pakistani rupee ⦠The nine percent depreciation in the Pakistani rupee actually means nine percent loss in the total economy of the ... pave the way for capital flight and plunge the economy into the further chaos. The World Bank and IMF have advised Pakistan to depreciate its currency to improve its balance of trade â but Pakistanâs financial managers have continued to reject the logic. LAHORE - The Pakistani rupee depreciated by Rs0.53 in the interbank. Pak rupee depreciates further. Web Desk. The greenback's value increased by Rs2.25 to reach an all-time high amid speculations that the local currency will depreciate further. The Tuesday’s devaluation of PKR was the fifth time since December 2017, as the country faces mounting pressure over external payments amid diminishing foreign-exchange reserves. 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