Pakistani Rupee (PKR) continued with its declining trend on Thursday, as it depreciated by another Rs1.9 against the US Dollar (USD) in interbank session, a private media house reported.
By the end of the day’s trade, the value of PKR stood at Rs164.06 per USD, as against Wednesday’s closing of Rs162.17.
Within the open market, PKR was traded at Rs161/164 per USD.
Meanwhile, the currency gained Rs2.5 against the Pound Sterling, which stood at Rs208.35 per GBP, as against the previous close of Rs205.55.
On the other hand, PKR’s value weakened by Rs2.3 against Euro, which closed at Rs186.51 in the interbank market.
This round of depreciation further weighs down Pakistan’s external debt burden by Rs199.86 billion, which in dollar terms accounts for a $105.84 billion. Pakistan now owes external avenues a total of Rs17.36 trillion.
Within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it mopped up Rs105 billion for one day at 12.2pc.
well that embarrassing.if government is unable to handle dollar price rising at 220 speed then should people do what People Of Turkey people have done .stop buying $ and stop buying US products ? or is there another solution anyone can suggest
IK government falsely claim that parity between PKR VS US$ have been left to fluctuate freely according to market forces of demand and supply.
If that is the case why instead of allowing to freely move according to market forces, agreement reached with IMF to take the rupee down to Rs. 165 per dollar or more.
The massive unstoppable devaluation of Pak rupee with all consequent ramifications is not market based but managed and artificial being done under an agreement on dictates of IMF.