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Wednesday, July 6, 2022
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US dollar setting records, crosses Rs207 mark

Downfall of rupee linked with declining foreign exchange reserves and IMF deal delay

Reaching an all-time high, the US dollar is setting records against the continuously declining Pak rupee, crossing the 207 mark in today’s interbank trade.

The devaluation in the rupee has raised serious concerns over the foreign exchange reserves of Pakistan as well as ambiguity regarding the revival of the International Monetary Fund deal.

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On Thursday, the dollar crossed the 207 mark as it was traded at Rs207.75 in the interbank market. According to the Forex Association of Pakistan (FAP), after an increase of Rs1.35, the previous day’s dollar rate (Rs206.40) had risen to Rs207.75. However, in the open market, the US dollar was being traded between Rs208.5 to Rs210.

Economic experts have been linking the downfall of the Pakistani rupee against US dollar with the decline in foreign exchange reserves as well as the delay in the IMF deal.

According to financial experts, markets would be really worried until the finalization of the IMF deal. They have advised the government to take tightening measures by imposing more taxes and abolishing subsidies.

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The government has already increased the prices of POL products along with electricity and gas tariffs to overcome the financial situation and satisfy IMF upon the revival of a deal.

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