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HomeBusinessDollar falls, rupee reaches Rs183 as political chaos recedes

Dollar falls, rupee reaches Rs183 as political chaos recedes

The US dollar fell to Rs183 on Monday as the political chaos in the country receded following the ouster of former prime minister Imran Khan, with analysts predicting a further decline in dollar prices in the coming days.

According to figures obtained from the State Bank of Pakistan, the dollar fell to Rs182.93 in the interbank market as the day closed. The rupee ended the [last] week at 184.68 to the dollar, after gaining from 188.18.

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Speaking to a local newspaper, Malik Bostan, President Forex Association of Pakistan, accredited the rupee’s gain to the political stability in the country. “The rupee has made a recovery after a period of uncertainty,” he said.

He added that negotiations with the International Monetary Fund (IMF), which had been halted, are expected to begin once the new government takes charge. Bostan said he anticipated the dollar to go below Rs180 during the week.

Chairman of the Exchange Companies Association of Pakistan, Zafar Paracha, told local media that political stability would contribute in reviving the delayed IMF programme, restore investor confidence and encourage foreign investment.

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“This will increase the supply of dollars and cause the rupee to recover faster,” he said.

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