Dollar rate mounts 8.20 pc in the first two months of Naya Pakistan
Dollar was trading at Rs. 123.57 in interbank market when PM Imran Khan resumed the govt office.
(WebDesk/DunyaNews) – Pakistan has seen many set back in different sectors in the first two months of Prime Minister Imran Khan led new government but the severe sufferer among all the victims is Pakistani currency - Rupee.
A political instability and initially an economical uncertainty in policies of new government worsened an already dilapidated economy which in turn imposes a grave threat of crisis with an increase in financial debts as a result of an extraordinary rise in the value of dollar in a preliminary phase of PTI led government.
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Naya Pakistan has proven unblest for Pakistani currency as it has witnessed a surprising fluctuation and then a continuous downfall in the first two months of new government. US Dollar against Pakistan Rupee hikes about Rs. 11 in the first sixty of PM Imran Khan s new government.
Dollar was trading at Rs. 123.57 in interbank market when PTI chairman Imran Khan has resumed the Premier office as Chief Executive of Pakistan. In the first 50 days of PM Imran Khan led new government, rupee has seen an abysmal downfall. which surges debts up to Rs. 975 billion.
Dollar rises by Rs. 10.28 in interbank market and Rs. 11.20 in open markets. On an instance, Dollar recorded shocking rise, increasing by 7.5 percent which was the second largest appreciation in last 27 years in one session following the Naya Pakistan government’s inevitable decision to seek new loans from International Monetary Fund (IMF) to support of balance of payment position.
Along with the opening of flood gate of price increases in all the domestic commodities which are dependent upon the imports, the abrupt slide of rupee hit Pakistan’s dilapidated economy with another debacle as the devaluation of local currency in recent days, increases the debts burden for around 975 billion since August 17 – a day before the Prime Minister of incumbent government of Pakistan Tehreek-e-Insaf’s oath was administered.
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Dollar was trading at Rs. 123.57 in interbank market when PTI chairman Imran Khan has resumed the Premier office as Chief Executive of Pakistan. In the first 50 days of PM Imran Khan led new government, rupee has seen an abysmal downfall. which surges debts up to Rs. 975 billion.
In less than a span of two months, an increase of 8.20 pc is being recorded in the value of dollar against rupee. The slide was the second biggest slide in single session, first was witnessed in 1999 on May 19, when the rupee depicted a slide of 10 percent.
Local currency began to depreciate against dollar and reached at the nerve-racking level of Rs. 138 on October 09, 2018 which as of now unpredictably varies in a range of Rs 132 to 135. Dollar rate in interbank market on Tuesday (October 06, 2018) has increased by 50 paisa after which its value reached Rs133.75.
In less than a span of two months, an increase of 8.20 pc is being recorded in the value of dollar against rupee. The slide was the second biggest slide in single session, first was witnessed in 1999 on May 19, when the rupee depicted a slide of 10 percent.
Latest depreciation not only increases the debt burden but also is also become a cause of rise in inflation.
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A Report by Tariq Ghori and Haris Zamir
Translated and Edited by Mehreen Fatima
