Karachi July 1 2023: The dollar rate will immediately decrease by 5 to 10 rupees on opening of markets on Monday, says President of Forex Association of Pakistan Malik Muhammad Bostan.
Malik Bostan has said in his latest statement that the agreement with the IMF is very good news on Eid.
The President of Forex Association of Pakistan further said that Pakistan has to fulfill its agreements. He has also said that the closed doors have been opened by receiving IMF funds that will increase foreign exchange flows.
On Tuesday, Dollar closes at 290 in open market while at 285.99 in interbank against Pakistan Rupee.
Fair value is around 244, according to Bloomberg model estimated in May 2023, which measures the change in real effective exchange rate required to bring the current account deficit in line with long term trends.
On Friday, the IMF staff and the Pakistani authorities have reached a staff-level agreement for the disbursement of amount of USD 3 billion on policies to be supported by a Stand-By Arrangement (SBA) for a period of nine months.