Dollar resumes upward trajectory, few steps away from reaching triple century mark

Coalition government’s 15-month tenure turned out as rupee's worst period, dollar value rose more than Rs105

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Before the end of the government term, the dollar resumed its appreciation trend and is just a few steps away from reaching the triple century mark.

The rupee continued to decline at the start of the business week. Details indicate that the 13-party coalition government would fall within the next 48 hours, notwithstanding the government’s extravagant assertions that the Pakistani rupee has strengthened.

Although the government continues to insist that Pakistan’s challenging economic circumstances have passed, market news indicates otherwise.

The dollar has started to soar once again, and it will soon be close to finishing the triple century before the government’s term ends.

The rupee lost more ground at the start of the trading week, and the open market dollar price rose to Rs295 instead.

The cost of a dollar on the open market rose by Rs3 on the first day of the workweek. The dollar gained Rs0.46 at the interbank to settle at Rs287.42.

The 15-month tenure of the 13-party coalition government turned out to be the Pakistani rupee’s worst period in the previous 75 years. In the interbank markets, the dollar has risen in price over Rs105 in the last 15 months.

Pakistan’s outstanding debt has grown by thousands of billions of rupees in just 15 months as a result of the dollar’s fast growth in value and the rupee’s poor depreciation.

On the other side, Monday’s performance at the Pakistan Stock Exchange (PSX) was equally unsatisfactory. The business came to an unfortunate conclusion as a result of the instability in the Pakistani stock market.

To close at 48,386 points, the 100 index dropped 199 points. 38 million shares worth Rs14.52 billion were traded on the opening day of the trading week, bringing the market capitalization down by Rs32 billion to Rs7257 billion.