Dollar challenges governance
ISLAMABAD: The US dollar further challenged the governance of the caretaker government on Monday. The greenback gained more than two rupees on Monday, closing at 298 rupees.
Another such move will place the value of the dollar around 300 rupees in the inter-bank trading.
Meanwhile, in the open market trading, the value of the dollar further increased to 305 rupees.
Within the span of 10 days under the caretaker government, the dollar experienced a substantial rise of Rs9.5.
Furthermore, in the open market, the US currency received a boost of Rs2 on Monday and its trading price surged to Rs305.
In a previous instance, the American currency accrued a gain of 72 paisas, resulting in a trading value of Rs296.50 against the rupee.
On Friday, the rupee faced a loss of 47 paisas within the interbank market, leading to a valuation of Rs296.25 against the American dollar.
During this period, the Pakistani currency demonstrated a minor increase in strength, gaining 8 paisas within the interbank market and being traded at Rs295.70.
Is the dollar dredging economy? Dollar challenges governance of caretaker govt
Is the dollar on the way to crush economy and consumers in Pakistan? It appears evident from an unbridled and hasty flight of the US dollar against the Pakistani rupee soon after the appointment of the caretaker prime minister posing a threat to the economy and the inflation-hit consumers.
On Wednesday, the dollar-rupee exchange rate further widened to 294 rupees in the interbank trading and 303 rupees in open market trading.
After the appointment of the caretaker premier, the US dollar has gained more than six rupees value in the inter-bank and open market trading in just two working days (August 15 and 16).
The way the US dollar is dredging the value of rupee, it appears that the economy and the consumers will get into serious trouble in the days ahead.
Meanwhile, on Wednesday (Aug 16), at the commencement of morning’s trading session, the US currency experienced a surge of Rs2 in the interbank market. The value of the dollar against the Pakistani rupee reached Rs294 in interbank trade.
Notably, this consistent ascent in the dollar’s value follows the dissolution of the National Assembly and the assumption of power by the caretaker prime minister.
Furthermore, the lifting of import restrictions has spurred an uptick in the demand for the dollar. Additionally, the IMF’s disbursement of the first tranche exceeding Rs1 billion has bolstered the strength of the greenback.
In recent weeks, the rupee has faced mounting pressure due to various factors, including escalating inflation, political instability, and an expanding current account deficit.
