Monday, November 28, 2022

Rupee rises against dollar as govt accepts IMF demands

The value of the Pakistani rupee increased against the United States dollar during intraday trading on Friday. This occurred just a few hours after the federal government cut fuel subsidies and increased petroleum prices in order to reach a staff-level agreement with the International Monetary Fund (IMF).

After suffering a loss of Rs2.51 against the rupee on the interbank market, forex dealers report that the greenback is currently trading at Rs199.50. This follows a loss of Rs2.51 for the dollar against the rupee.

The previous day, the value of one dollar in rupees had finished the day at 202.01 rupees.

During the course of intraday trading, the KSE-100 index racked up a gain of more than 950 points and moved above the 43,000-point level. The opening price on the market was 42,541.71.

On Thursday, the federal government increased the price of gasoline and diesel by up to Rs30 per liter in an effort to minimize the amount of money spent on fuel subsidies.

The announcement was made at a news conference by Finance  Minister Miftah Ismail. He made the announcement that there would be a price increase of up to Rs30 per liter for gasoline, diesel, light diesel, and kerosene oil.

Read Also: Rising petroleum products challenged at LHC

After the most recent increase, the cost of a liter of petrol is now Rs179.86, a liter of high-speed diesel (HSD) costs Rs174.15, kerosene oil costs Rs155.56, and the price of a liter of diesel is Rs148.31.

Miftah Ismail had said that the govt was now providing a subsidy of Rs56 per liter and had incurred a financial loss of Rs55 billion during the first 15 days of the subsidy.

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