US dollar remaining its upward trend has now reached an all-time high value of Rs227 after an increase of Rs2.08 beside Pakistani Rupee in the early morning interbank trading.
The American currency has presented literally ‘no mercy’ this week and remaining beating the local currency with numerous shocks as it gained Rs16.5 in four days of current business week.
Interbank closing #ExchangeRate for todayhttps://t.co/cOAZT31IG2 pic.twitter.com/7yW54WWKcc
— SBP (@StateBank_Pak) July 20, 2022
Finance Minister Miftah Ismael said that the situation will move concerning normality after enhancement in the political situation in the next few days as rupee sustained its downward spiral persistent in contradiction of the US dollar and hit the 226 mark on Wednesday.
Addressing a press conference in Islamabad, Miftah Ismail said the dollar has valued against other currencies of the world as well.
He, though, said the recent dip of the rupee in contradiction of the dollar was due to the political situation in the country.
The minister pointed out that the trade deficit was $48 billion and the current account shortage stood at $17bn throughout the last fiscal year, which, he strained, the country cannot afford.
Though, previous finance minister Shaukat Tarin gave Miftah a solution to control the continuous and unabated devaluation of the local currency against the US dollar—which is only free and fair elections.
He disapproved the finance minister, saying that a “tsunami of inflation” is heading toward the country and yet he is claiming that the economy is fine.