KARACHI: Maintaining your fun of parameter new lows for For the fourth day in a row, the Pakistani rupee suffers another strong fall. hit on Friday when dollar rose to an all-time high in interbank market at a price of 193 rubles.
The weakest closes of the rupiah so far were 191.77, 190.02 and 188.66 during trading. last three days. It closed at Rs 193. on Friday, rising per rupee compared to the close of the previous day of 192 rupees. In the open market, the rupee traded at 194/195 for dollar against 193/194 a dollar the day before.
Rupee lost Rs 6.86 against United States dollar in time last six sessions. Overall, the rupee depreciated by Rs 35.04. against United States dollar during the current fiscal year 2021-22 and Rs 16.04 during current year 2022.
main reason behind it’s a quick depreciation of rupee delays in completion of Agreement with International Monetary Fund (IMF). Pakistani authorities and the IMF team will resume discussion over politics for completing Seventh review next week. Traders and markets look to the IMF as progress with The fund inspires the investor confidence in in the economy stabilizes Pakistan’s foreign exchange reserves and opens up access to financing from other international financial institutions.
government indecision over economic decisions weighs heavily on local currency. This is a sharp depreciation also explained by the prevailing uncertainty on Economic and political fronts. Furthermore, higher import invoice also weighing on local currency. Extension trade the deficit put pressure on on the country’s foreign exchange reserves, and with Central-bank holding level drops to below two months of import case.
On the other side, total The country’s liquid foreign exchange reserves fell to their lowest level since December 2019 at $16.4 billion. in for the week ended May 6, up from $16.5 billion a week earlier. Central bank reserves also fell to a 23-month low of $10.308 billion, according to SBP. on Thursday last.
Address to Twitter, Chairman of Pakistan Tehreek-e-Insaf (PTI) and former prime minister Imran Khan stressed that the rupee was at an all-time low of 193 rupees [per dollar] (from 178 rubles/person) dollar on March 8); interest rate 15% highest since 1998; stock market down 3000 points or 6.4%; stock market lost capitalization in the amount of 604 billion rupees; inflation 13.4% — highest from January 2020. “Reflects the lowest confidence in imported government,” He wrote.
” market [is] expectation policy [and] action that [the] imported government It has failed give. Both ourselves [and] Shaukat Tarin warned the “neutrals” that if the plot succeeded, our fragile economic recovery would go into a tailspin. This is what happened now,” he said. added.
Meanwhile, former information minister Fawad Chaudhry criticized new government for ignoring the economic crisis. “While the so-called government leaders are sitting in London, USA dollar exceeded 193 […] this drama should end and government should call an election,” he wrote.
Responding to his criticism, Information Minister Marryum Aurangzeb said that dollar touched a “record high of 193 rubles, because of Imran Khan.
“Imran Khan signed an agreement with the IMF and people of Pakistan [are] suffers from high inflation,” she said, accusing Imran Khan of for causing economic instability in the country.