The US dollar continued to soar against the rupee for six consecutive days, hitting a record high of Rs. 196 at the Inter bank Foreign Exchange on Tuesday due to declining foreign exchange reserves and high imports.
According to the Forex Association of Pakistan (FAP), the dollar had closed at Rs 194.60 yesterday.
Arrived at The rise in the value of foreign currency started on Tuesday, when the value of the dollar rose from Rs 188.66 paisa in the inter bank market to Rs 190.90 paisa on Wednesday, Rs 192 on Thursday and Rs 193.10 on Friday, while the dollar rose to 194 rupees on Monday.
According to FAP, the international currency closed at Rs 194.60 paisa in the inter bank market yesterday (Monday).
However, according to the State Bank of Pakistan (SBP), the dollar closed at Rs 194 for 18 paisa.
The media report states that throughout the financial year 2022, the Pakistani rupee held the dollar tight, but the last two months proved to be the worst.
It should be noted that the media report stated that when the PML-N government came to power on April 11 last month, the value of the dollar against the rupee was 182.3 rupees, from then until Monday, the rupee had lost Rs 11.40 paisa or 6.2 per cent.
According to currency dealers, demand for the dollar never decreases, which does not allow the local currency to stabilize at any one value.
Currency dealers say rising demand for the dollar is the main reason for the rupee’s depreciation in the currency market.
On the other hand, the government’s provision of fuel and energy subsidies and delays in the IMF loan program are also causing the rupee to depreciate.