KARACHI: Following the recent agreement with the International Monetary Fund (IMF), the value of the US dollar has experienced significant consequences in Pakistan’s open market.
Today, after the conclusion of the Eid-ul-Adha holiday, the dollar witnessed a depreciation of Rs 5 right at the commencement of business activities. Consequently, the dollar now stands at 285 rupees, reflecting the impact of the aforementioned agreement.
This latest development follows the trajectory of the dollar in the open market over the past week. At the close of the previous business week, the US dollar was valued at Rs 290. However, due to the prevailing effects of the IMF agreement, the dollar has faced a decline in its worth, leading to the present valuation.
While the dollar experiences a decline, the Pakistan Stock Exchange has witnessed remarkable outcomes as a direct result of the agreement with the IMF. The 100 index has soared to unprecedented heights, achieving record-breaking increases. This surge in the stock exchange highlights the positive impact of the agreement, showcasing the confidence and optimism instilled in the market by this significant financial collaboration.
As Pakistan’s economic landscape evolves in the wake of the IMF agreement, market participants are eagerly observing the repercussions of these developments. The fluctuation in the value of the US dollar in the open market, combined with the impressive performance of the Pakistan Stock Exchange, underscores the far-reaching implications of this agreement on the country’s financial ecosystem.