US dollar knocks down Pak Rupee to reach Rs226.81

By: AFP
Published: 11:28 AM, 21 Jul, 2022
US dollar knocks down Pak Rupee to reach Rs226.81
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US dollar continuing its upward trend has now reached an all-time high value of Rs226.81 after an increase of Rs1.89 against Pakistani Rupee at the close in the interbank trading, reported 24NewsHD TV channel.

The American currency has shown literally ‘no mercy’ this week and continues thrashing the local currency with multiple shocks as it gained Rs16.31 in four days of current business week.

Finance Minister Miftah Ismael said that the situation will move towards normality after improvement in the political situation in the next few days as rupee continued its downward spiral unabated against the US dollar and hit the 226 mark on Wednesday.

Addressing a press conference in Islamabad, Miftah Ismail said the dollar has appreciated against other currencies of the world as well.

He, however, said the recent dip of the rupee against the dollar was due to the political situation in the country.

The minister pointed out that the trade deficit was $48 billion and the current account deficit stood at $17bn during the last fiscal year, which, he stressed, the country cannot afford.

However, former finance minister Shaukat Tarin gave Miftah a solution to control the continuous and unabated devaluation of the local currency against the US dollar—which is only free and fair elections.

He criticised the finance minister, saying that a "tsunami of inflation" is heading toward the country and yet he is insisting that the economy is fine.

AFP

Agence France-Presse is an international news agency.