US dollar being sold at Rs.136 in open market: Dealers

Web-Desk: On Wednesday, the US dollar continued to spike for a second day as it was being sold for Rs136 in the open market.

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According to General Exchange Companies Association of Pakistan Secretary Zafar Paracha said the dollar is being bought at Rs134 and sold at Rs136 in the open market.

“The dollar has risen by a further Rs1.50 today,” Paracha added.

A day earlier the US dollar, soared to Rs134 in the interbank market.

The unprecedented dollar rise was up to Rs9.75 as market opened today at Rs124.25.

Due to the increase in Dollars the marker and key players are uncertain about future prospects.

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, according to analysts .

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.

Finance Minister Asad Umar announced that federal government has decided to approach International Monetary Fund to deal with the rampant financial crisis, according to Finance Minister Asad Umar, Newsone reported on Monday.

“The country is going through a tough time, which has been left behind by the previous government,” he continued.

IMF mission headed by Herald Finger visited Islamabad last week for talks with the new government.

The IMF mission held talks with officials of the ministries of finance, trade, petroleum, investment and power.

They will also met officials of the Federal Board of Revenue (FBR), sources said.

Regarding the IMF mission’s visit, Finance Minister Asad Umar during an interview last week said, “We are in discussion with them, but this is not to negotiate for a loan. Our purpose is to do our homework, in case we want to approach them at some stage.”

Prime Minister Imran Khan in his yesterday’s press conference also hinted to approach IMF immediately in order to overcome “bridging loans” during the critical phase the country is passing through.

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