ISLAMABAD: The value of Pakistani rupee against the American dollar has been decreased on the directions of International Monitory Fund (IMF), to give some space to Pakistan to claim some upward trends in its exports, but it has started price hike in the country and it will increase prices of all the commodities.
On Tuesday, the dollar was exchanged at rupees 110.5 in the open market and there are indications that it will go further as the government and especially the State Bank of Pakistan has not taken any preventive measures in last two days to maintain the exchange rate of the rupee against American dollar.
A team of IMF is in Pakistan to negotiate with the Ministry of Finance and other departments for the future strategy and there are confirmed reports, that the IMF had directed Pakistan especially the State Bank of Pakistan to allow the price of rupees to go down against dollar. Even the inter bank rate of US dollar touched to Rs. 107.2 while the open market at some places registered a high of Rs. 110.5.
The exchange rate was higher today even with the reports that State Bank of Pakistan has received dollars 2.5 billion earned through the launch of Sukuk and Euro bonds.
According to market reports, whenever such type of huge transaction was made and Pakistan received dollars, the market is stabalised and even the rupee value strengthened as compared to dollar. However, analysts said that the current account deficit and related factors were building pressure on the economy which resulted in the deterioration in the rupee against the dollar.
Senator Saleem Mandviwala while express his concern on the devalue of rupee against dollar said it will increase the prices of imported items that include petroleum products, import of machinery even being used in the CPEC projects and other house hold products.
He said the increase in the price of petrol will have a negative effect on the national economy which is already suffering due to wrong decisions of the government.
He said there should be competent and full time Ministry of Finance of the country, to look into the financial matters and take timely decisions like the decision to change the exchange rate of the rupee against dollars which is the most important factor in the economic stability of the country.
Leading Eonomist Muzammil Aslam said that the devalue of rupee against American dollar will definitely earlier that an increase in the dollar rate will lead to rise in prices of food items, petrol and other products. He said the only one thing which will be in favour of the government, will be higher number of export value as after the decease in the rupee value, Pakistan can register some more figures in its exports after next quarter.