KARACHI: Dollar rate in interbank market on Tuesday increased by Rs9.74 to hit the mark of Rs134.
The rate soared by Rs 9.75 at start of the trading today and the market was closed at Rs 124.25 on Monday. Analysts said uncertainty regarding financial position of the country led to the freefall of the dollar. After this sharp increase in dollar rate, Pakistan’s debt suddenly increased to Rs 900 billion.
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 $6-7 billion but the IMF would ask Pakistan to cut its non-development budget to reduce budget deficit and widen the tax net in the country.
On Monday, the stock market continued its downward trend as the KSE-100 shed over 1,300 points.