Dollar surges to Rs130 in open market

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ISLAMABAD: The US dollar touched a record high of Rs130 in the open market on Friday, gaining a further Rs0.30 as it continued its climb against the Pakistani rupee, currency dealers told here Friday.

Since December, the rupee has cumulatively shed over 21 per cent of its value after the State Bank of Pakistan (SBP) reportedly abstained from intervening in response to the pressure exerted by a widening current account deficit.

Pakistan’s current account balance has been widening sharply, while foreign currency reserves have plummeted over the past few years.

The country’s economic fundamentals have deteriorated ahead of the July 25 general election, with most financial analysts expecting the next government will need to seek a post-election bailout from the International Monetary Fund (IMF).

 

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