F.P. Report
KARACHI: A no-holds-barred trend could be seen in the ever-rising US dollar as the value of the greenback again appreciated by 92 paisas on Friday in the inter-bank trading.
During the trading activity, the US dollar reached the historic high and was exchanged for Rs184.40. Yesterday, the American currency shot up straight by 84 paisas and smashed through the Rs183 barrier and at the time of closing, the dollar rate was Rs183.48. In today’s trading, it again notched up by 92 paisas.
The weakening of Pakistan currency is shattering country’s economic standing as it’s fueling inflation and prices of all items are going through the roof.
Experts believe that our ballooning import bill and trade and current account deficit are reasons behind the depreciation of Pakistani currency which are rendering it spineless.
They also opine that the uncertain political situation prevailing in the country is one of the main reason for the mounting pressure on the Pakistan rupee.
They feared a negative impact of Pakistan currency’s depreciation on our economy.
According to economic experts, the US dollar has gained over six rupees in value during the last four weeks.
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