Pakistani Rupee hits fresh all-time low against the US dollar!

US Dollar

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
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Abdul Kareem and his team looks for such stuff and publish these articles on the website with their referential sources. Abdul Kareem is also the founder of this organisation and the person behind this cause .He is a 22 years youngster doing his BS Media studies from Bahria University.

1 comment

  • It is truly pathetic to listen to those who blame Pakistanis for miserable poverty in Pakistan!!! NO ONE is understanding or wants to understand the role that a European created money system has been playing in delivering the enemies of Islam the capacity to engage in massive legalised theft of the wealth of mankind… I recommend return of Gold Dinar as money, in place of the money system built around the utterly fraudulent US dollar, so that Muslims could extricate themselves from financial and economic oppression and exploitation!!!

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Web Desk

General articles taken from the different sources available on the internet which interests the readers are published on The Talib Times website by the web desk team. Abdul Kareem and his team looks...

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