Pakistani Rupee Hits Record Low at Rs 126 against the dollar

Lloyd Doyle
July 19, 2018

Another round of Pakistani currency depreciation took place on Monday as the U.S. dollar climbed to all-time high of Rs128.25 in the interbank market amid the recent spate of attacks on politicians ahead of general polls.

Since December, a total increase of Rs22 is seen in the value of United States dollar.

In the open market, the USA dollar rate has gone up to Rs129, the forex dealers said.

Following the recent development in dollar rate, an increase of Rs540 billion was seen in national debt and Rs1980 billion in foreign debt.

On Monday, the USA dollar soared to a record high of Rs128.26 in the interbank market and closed on Rs127.99 at the close of business.

In the first 11 months of the fiscal year, Pakistan suffered from account deficit of $16 billion.

Besides political instability before the elections set to be held on July 25, the rupee devaluation also shows signs of vulnerability in the country's economy. However, the declining foreign reserves and an increasing current account deficit may enforce Pakistan to going back to IMF or International Monetary Fund for loans.

Pakistani rupee once again depreciated against United States dollar by 40 paisa, just after the day dollar price augmented by Rs6.

Other reports by Iphone Fresh

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