The US dollar continues its upward trend against Pakistani rupee in the interbank market after touching a historical high of Rs155.85 following an increase of 2.95.
Later , the value of greenback reached 157.50 in the open market when it roughly climbed Rs1.43 to hit a historical peak on Friday with a speculation that rupee may slide furthur by the end of the month.
The rupee had recovered ground significance against the greenback over the past three weeks due to the greater inflow of dollar. The inflow increased on account of remittances sent home by the overseas Pakistanis and foreign currencies brought home by the expats.
In the last 5 days, the rupee has lost RS7.70 against the dollar & is expected to remain under pressure but currency might receive temporary relief next week when the IMF board is expected to approve $6 billion package. According to the market insiders:
“The IMF package announcement may bring some stability in the market and restore investor trust in the Pakistan economy,”
The devaluation of rupee in turn has raised Pakistan’s external debt by Rs470 billion but we’re hoping for a better tomorrow!
Credits: Khola Zia