Dollar declines against PKR, dips to Rs158 in interbank

After a volatile ride at the currency market, Pakistan rupee gained Rs2 on Tuesday and reached Rs158 against the US dollar in the interbank market.

The decline in greenback value comes after US dollar touched a record high of Rs164.50 against the Pakistani rupee in the interbank market last Thursday. At the open market the rupee picked up 50 paisas in terms of the dollar for buying at Rs159 and it also picked one rupee for selling at Rs 160 on Monday.

Meanwhile, Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh has said that there was no agreement with International Monetary Fund (IMF) on exchange rate. Speaking to the media on Monday, he said people were spreading speculations about the exchange rate and added, “But I am clearly saying that there is no agreement with IMF about fixing the exchange rate at a certain level”.

He clarified that nobody knew the real value of exchange rate and no body can predict or fix the exchange rate at a certain level because it is always determined by the market itself.