The Pakistani rupee has got a steep plunge against the US dollar after losing Rs1.14 in its value against the US dollar. With this new mind blowing sailing, the dollar rate has reached the historic high and is being traded at Rs185.23 in the inter-bank trading on Tuesday, reported 24NewsHD TV channel. 

The dollar is constantly gaining strides against the spineless rupee which has been greatly buffeted after weathering the political uncertainties at home.

On Friday, the US dollar was closed at Rs184.09 in the inter-bank trading. Yesterday, the forex market remained closed as banks were deducting Zakats. But on Tuesday, at the outset of the trading activity, the rupee sank quickly and shed its value by Rs1.14.

https://twitter.com/StateBank_Pak/status/1509844942142726152

The current political turmoil is seriously impacting country’s financial market. Yesterday a bloodbath was witnessed in the stock market as the Pakistan Stock Exchange (PSX) benchmark KSE 100-index shed 1,250.07 points or 2.77 per cent, in the red at 43,902.

The country’s trade deficit is also growing. According to the data released by Pakistan Bureau of Statistics on Monday, trade deficit has grown by 70 per cent year-on-year to $35.4 billion during the nine months through March as imports bill remained near $60bn.

The rupee is under extreme pressure by widening trade deficit and import bill. 

The rising oil prices in global market is also putting pressure on the Pakistani rupee. 

The economic experts are of the view that Pakistani currency could only resuscitate if volume of our remittances and exports is increased. 

Reporter Ashraf Khan