On Sunday, the representatives of the National Assembly (NA) Qasim Suri Speakers Procedify the Movement of Not Confident of Prime Minister Imran Khan After that President Arif Alvi dissolved the advice of the Prime Minister The legality of this movement is currently debated at the Supreme Court, which is expected to immediately place an order.
The impact of the situation put pressure on the rupee after it violated the RS185 sign for the first time today. Mettis Global – Web-based Financial Data and Analytical Portal – said that the Rupee lost its value of more than 3 percent or RS5.4 since March 8, when the movement was not confident submitted at NA.
Secretary General of the Pakistani company exchange association, Zafar Paracha, called today “black day in Pakistani history” “All exchange companies sell 99 pc of their foreign reserves in the bank,” he said. “The market suffers because of the deteriorating political situation.”
Paracha added that news about the International Monetary Fund (IMF) program then came as a blow. Yesterday, the Representative of the IMF resident at Islamabad Esther Perez Ruiz said that funds would be involved with the new government so formed “Funds hope to continue their support to Pakistan and, once the new government is formed, we will conduct a policy to promote macroeconomic stability, and ask about the intention of the Vis-A-Vis program involvement,” he said, added “there was no suspension concept in the IMF program. “
Meanwhile, Paracha said that the market had tackled hopes on the initial verdict by the Supreme Court Malik Bostan, Chairperson of the Forex Association of Pakistan, also urged the APEX court to pass the initial decision to prevent further damage to the economy.