Dollar to remain in high sdemand

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Karachi   The dollar will remain in high demand next week due to scheduled repayment to the International Monetary Fund (IMF) and bulk import of oil and other commodities, experts said. Pakistan is scheduled to pay $140 million on June 28 to the IMF under standby arrangement and extended credit facility.


Analysts said that banks had arranged dollars for payments against oil import next week.


The rupee depreciation trend continued during theweek June 17 to 21 due to similar pressure as the local currency sheds 29 paisas in five trading days of the week. The experts said that positive trend on various fronts, including the IMF talks, giving hope for newloan programme, revising downward the policy rate by the State Bank of Pakistan on stability that will help new investment and increased


inflows of remittances as overseas Pakistanis send more foreign exchange, owing to high expenditures in the month of Ramazan and Eid festival. “Such trends may help the rupee avert pressure of repayments,” an expert said. Owing to continuous foreign repayments and slowdown in the economy during the last five years, the rupee depreciated significantly. _

Courtesy:  The News

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