Rupee on losing spree as dollar hits all-time high at Rs194

12:40 PM | 16 May, 2022
Rupee on losing spree as dollar hits all-time high at Rs194
Source: File Photo

KARACHI – Dollar continues to strengthen against rupee as it reached the all-time high level of Rs194 in the interbank market after gaining Rs1.47 on Monday.

The greenback closed at Rs192.53 in the interbank market on Friday last week.  

Since the PML-N led coalition took control of the government on April 11, dollar has gained Rs11.07 against rupee so far. 

Experts are of the view that the country’s rising import bill is driving the dollar to a new high, increasing debt burden on Pakistan. 

The Rs11.07 surge in dollar value would increase the debt burden on the country by Rs14 billion, reports said. 

 The slide of the local unit was weighed down by a surging trade deficit, dwindling foreign exchange reserves — that dropped to their lowest level since December 2019 — and a delay in the release of the IMF tranche.

Last week, Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan said the widening trade deficit and political uncertainty are putting pressure on the dwindling rupee.

The political crisis in Pakistan after removal of the Pakistan Tehreek-e-Insaf (PTI) government has made it difficult for the new government of Prime Minister Shehbaz Sharif to tackle the economic situation.

Khan has announced marching on Islamabad with millions of his supporters after May 20 to demand new elections. This will add to the troubles of the economically-challenged PML-N led regime.

Today's currency exchange rates in Pakistan - ... 09:00 AM | 16 May, 2022

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. ...