The rupee continued to fall free for the eighth consecutive session.

The rupee continued to fall free for the eighth consecutive session.

Currency dealer counting $100 notes while 5,000 rupees banknotes are lying on a table — AFP/Files
Currency dealer counting $100 notes while 5,000 rupees banknotes are lying on a table — AFP/Files

Karachi: The impact of major floods and political uncertainty in the country The Pakistani rupee continued its decline for the eighth day in a row against the US dollar on Tuesday.

Local units fell 2.1 rupees to 231.92 rupees in the interbank market. The value is down from yesterday’s close of 229.82 rupees. The rupee also lost Rs9.21 or 4.2% against the dollar last week.

Pakistan Exchange Company (ECAP) Secretary General Zafar Paracha said. news It is essential for all stakeholders to sit at the Pakistani discussion and resolution table.

ECAP officials said it was expected that once the International Monetary Fund (IMF) loan came in, the rupee would appreciate against the dollar. And it happened as the local currency rose by 2 rupees after SBP received that amount.

But he noted that the downfall has persisted since then – with small gains – despite being funded by lenders around the world. But the country does not receive money from multilateral and bilateral organizations.

Paracha added that Asian Development Bank (ADB), World Bank (WB) and friendly countries such as Saudi Arabia The United Arab Emirates and Qatar remain reluctant to lend and invest in Pakistan.

“The main reason behind this: political instability,” Paracha said, noting that on the day the IMF executive committee was about to approve the grant to Pakistan, the PTI government in Punjab and KP had announced They will not comply with the requirements of the IMF .

“The negative consequences arise from this. The PTI governs a large group of countries and is important. […] But now we need political stability. And the government doesn’t have a clear vision,” he groaned.

Paracha said that although the government But all parties still act like they are the opposition. “Nobody takes action to provide relief to people and no one is willing to revive the economy. Everyone is playing a blame game.”

In addition to criticizing the government agency, Paracha also praised the Bank of Pakistan (SBP), saying the institution has played an effective role through its policies. at a time

Following the impact of the floods, Paracha said government officials estimated it to be around $30 billion. But he feared that it would be worth around $50 billion.

“The loss is enormous. But we don’t have enough donations to overcome the gap,” he said.

Flooding with unprecedented monsoon rains and melting glaciers in northern mountains It affects 33 million people and kills nearly 1,400, clearing homes, roads, railroads, livestock and crops.

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