Rupee Gains Over Rs. 5 Against US Dollar in Interbank Market

The rupee continues to gain value against the dollar, rising by up to Rs 5.36 during Monday morning in interbank market. Before the General Elections, the Pakistani rupee slumped to a record-low Rs 130 against the US dollar, going on to stabilize at Rs 128 as election season kicked in. It has now gained a strong foothold as the Pakistani rupee now stands at Rs 122.5 in the interbank market. The rise in the rupee’s value was recorded as a result of the increased inflow of dollars to the country. Samiullah Tariq, Head of Research at Arif Habib Limited, says, About the further rise in the value of the rupee, Tariq told: Another positive outcome out of the rupee’s appreciating value is that Pakistan’s net debt would decrease by Rs 450 billion. However, another major economic situation is looming for the new government-in-waiting. According to a report by the Financial Times, Pakistan would need a massive bailout package of $12 billion from IMF to meet its external financing needs.