The US dollar on Monday gained Rs1.16 paisas against local currency and reached Rs238 in interbank trading. Karachi forex traders said that the American currency has reached Rs238 from Rs236.84. On the other hand, Pakistan Stock Exchange (PSX) witnessed positive trading at the start of the first day of the trading week as KSE-index gained 77 points and reached 41756. This US dollar flight is continued and the federal government authorities tasked FIA to control the US flight and it has been decided to launch crackdown against hoarders and hundi dealers.

Earlier, International Monetary Fund (IMF) Resident Representative to Pakistan Esther Perez Ruiz Sunday offered sincere condolences on the devastations caused by the flood in Pakistan. She said that Pakistan will be supported under the loan program along with other international institutions. Esther said that IMF is very saddened by the damages caused by the flood in Pakistan and stands in support of the flood victims.

“Pakistan will have support from the IMF for the restoration and rehabilitation of the flood-hit areas and the affected people,” IMF official added. Also, Saudi Arabia has extended the date of return of 3 billion dollars to Pakistan by one year. According to the State Bank of Pakistan (SBP), Saudi Fund for Development has confirmed to roll over 3 billion dollars. Saudi Fund for Development (SFD) has confirmed rollover of $3bn deposit maturing on 5Dec22 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan.

Credit: Independent News Pakistan-INP