US dollar increases to Rs135 in interbank market

Sources within the Ministry of Finance informed that the IMF would demand Pakistan to reduce its non-development expenses to bring down budget deficit. They said the world organisation will also ask Islamabad to expand tax net in the country.

The US dollar soared to Rs135 in the interbank market on Tuesday. Dollar buying at Rs.133 and selling at Rs,.135
The dollar was up by Rs 9.75 as market opened today as it stood at Rs 124.25 when the market closed on Monday. 
The increase in dollar has led to uncertainty in the market.
According to analysts, the rapid increase in the dollar is owing the government's decision to approach the International Monetary Fund (IMF) to deal with the prevalent financial crisis.
Finance Minister Asad Umar in a video message on Monday night said talks with the IMF will start "immediately" as Prime Minister Imran Khan has given a go-ahead to do so. He said the country is going through a tough time, which has been left behind by the previous government. “We have to find a way to get out of this difficult situation.”
Pakistan is likely to request the IMF to provide it $6 to $7 billion.
Sources within the Ministry of Finance informed that the IMF would demand Pakistan to reduce its non-development expenses to bring down budget deficit. They said the world organisation will also ask Islamabad to expand tax net in the country. 
earlier, on Monday, the stock market continued on its downward spiral as the KSE-100 dipped over 1,300 points during trading. KSE-100, the benchmark index of the Pakistan Stock Exchange decreased by 1,328.06 points or 3.39% to 37,898.29 points.*Paying for college abroad? Next semester you’ll need a job because the dollar just hit an **all-time high.
The Pakistani rupee fell to a record low on Monday. It was trading at Rs128 against the dollar when this report was published.
A stronger dollar will make everything, from an airline ticket to your utility bills and college tuition abroad, more expensive. When the dollar goes up against the rupee, every service and commodity paid for in dollars becomes expensive.
We import oil and gas for electricity, spare parts for automobiles, scrap for steel, coal for cement and pesticides for agriculture and pay in dollars for all these imports.
The dollar rose to Rs128 in the interbank market on Monday, a 5.3% increase from July 13 when it was trading at Rs121.46.
In other words, if you need $60,000 for an MBA program, you will pay an additional Rs400,000 because of this increase.
Artwork: Muhammad Obair Khan
*Why is dollar going up?*
In January, the dollar was trading at Rs110.7 against one rupee but since then it has increased 15.6%, reaching an all-time high of Rs128 on Monday due to pressures on the country’s external front. Pakistan’s trade gap has widened to $37 billion as imports are 2.5 times higher than exports. This means we are consuming more imported items. This is not sustainable in the long term and leaves the country with fewer dollar reserves to pay for productive imports like machinery and petroleum that support economic activity. A stronger dollar would discourage imports of nonessential items and help stop the dollar drain.
Because of these external pressures, the incoming government is likely to seek another bailout from IMF to increase dollar reserves. In other words, rupee will remain under pressure in near term as analysts predict the dollar to go further up before settling somewhere around Rs130.



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South Punjab News : US dollar increases to Rs135 in interbank market
US dollar increases to Rs135 in interbank market
Sources within the Ministry of Finance informed that the IMF would demand Pakistan to reduce its non-development expenses to bring down budget deficit. They said the world organisation will also ask Islamabad to expand tax net in the country.
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South Punjab News
http://www.southpunjabnews.com/2018/10/us-dollar-increases-to-rs135-in.html
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