US dollar about to top Rs300 mark against Pakistani rupee in interbank
May 11, 2023 01:05 PM
Following the political upheaval started soon after the arrest of PTI Chairman Imran Khan, the US dollar has ruthlessly knocked out the Pakistani rupee for the second consecutive day by gaining Rs8.78 in its value in the interbank trading on Thursday, reported 24NewsHD TV channel.
According to money dealers, as the trading session started today, the spineless rupee slumped quickly and depreciated by Rs8.78 against the US dollar which was being exchanged for Rs299 now.
It may be mentioned here that the greenback had gained Rs15.41 in value during the last four trading sessions.
In the open market, the US dollar has surpassed the psychological barrier of Rs300 as the greenback was being traded at Rs301.
Yesterday, the Pakistani rupee was crashed to the historic low against the US dollar in the interbank market losing massively by Rs5.38 in a single day, letting the US dollar reaching the historic high at Rs290.22.
The PTI leader’s arrest and the ensuing nationwide protests coupled with already weak macros have dealt a serious blow to the country which is already struggling with the economic crisis.
Pakistan is running out of dollars, inflation is going through the roof reaching over 36%, and the crucial International Monetary Fund’s bailout is still in limbo.
The IMF bailout programme, which expires in June, has been stalled since November. Foreign exchange reserves at $4.457 billion could cover barely a month's worth of imports. The country’s economy is on ventilator and needs immediate resuscitation efforts.
The financial assistance from the friendly countries such as China, Saudi Arabia and the United Arab Emirates has yet to materialise fully.
The economic experts are of the view that political stability is must for the economic stability.
Reporter Malik Ashraf