Dollar plunges down to Rs99.99 in interbank

KARACHI: Dollar further plunged to Rs99.99 in interbank, as exporters queued to sell dollars on Tuesday, Geo News reported.

Dealers said that since March 1 the value of the dollar has decreased by Rs5.

The fast devaluation of dollar panicked those exporters who had parked their dollars out of the financial system in hope of earning premium. Watching the new trend evolve, their nerves broke down as they head to hit the market.

Dealers said that Pakistan is expected to get more than 1 billion dollar from the International Monetary Fund (IMF) reducing pressure of the re-payments and cushioning the value of rupee.

The continued stabilization in the value of rupee will be instrumental in cost of imports cut and help reduce commodities prices in the country, said the market analysts.