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HomeBusinessPakistan's rupee also suffered against the dollar, the currency reached the lowest...

Pakistan’s rupee also suffered against the dollar, the currency reached the lowest level ever

Record fall in Pakistan rupee against dollar

Image Credit source: Twitter

There is a sharp jump in Pakistan’s imports, although exports are not growing accordingly, due to which the trade deficit has increased to $ 39 billion in July to April. In this, an increase of 64 percent has been seen as compared to last year. This has created a lot of pressure on the domestic currency.

The Pakistani rupee is in worse condition than the Indian rupee against the dollar. U.S. Dollar (DollarThe value of the Pakistani rupee has reached the lowest level ever. According to the information given by Dawn, Pakistani (Pakistan) against the dollar on Wednesday.Pakistan) The rupee has reached its all-time low of 190. The report said that due to rising oil import bill and uncertainty about Saudi Arabia’s package, the currency has become under pressure. Along with this, Pakistan’s foreign exchange reserves (Forex ReserveDue to the decrease in ) pressure is also being seen on the rupee. The Indian rupee also saw a fall to record levels on Monday, although the rupee registered a correction on Tuesday.

Where did Pakistani Rupee reach?

According to the information given by Dawn, the Pakistani rupee weakened to 190.04 against the dollar in early trading on Wednesday, which is the lowest level of the currency ever. Earlier on April 1, the rupee had broken the level of 189 for the first time. After the change of power in Pakistan, the rupee has seen some improvement since April 11 amidst changed sentiments, but the rupee once again reached its record low levels due to the strengthening of the dollar in the midst of a weak economic situation. The report said that due to the delay in talks with the IMF, the pressure on foreign exchange reserves has increased significantly. According to the report, Pakistan has to pay 10 billion dollars this year. If the deadline for this is not extended, then there is a possibility of further depreciation in the rupee. The report said that there is a sharp jump in Pakistan’s imports, although exports are not growing accordingly, due to which the trade deficit has increased to $ 39 billion in July-April. In this, an increase of 64 percent has been seen as compared to last year. This has put a lot of pressure on the domestic currency. At present, Pakistan’s hopes are on Saudi Arabia’s package. At the beginning of May, the Prime Minister of Pakistan visited Saudi Arabia and demanded relief in the rules for the debt of $ 3 billion, so far no concrete results have come out about it, which has put pressure on Pakistan’s currency. . At present, Pakistan’s foreign exchange reserves are close to the level of 10 billion dollars.

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Why India is in a better position

At the same time, on Monday itself, India’s currency also reached its lowest levels. However, on Tuesday, there has been a recovery in the rupee. At the same time, in Wednesday’s trade, there is an improvement in the Indian rupee against the dollar. In today’s trade, the Indian rupee is trading between the level of 77.16 to 77.32 against the dollar. India’s position is better than Pakistan because India has a good foreign exchange reserves. There has been a decline in this for the last several weeks. However, this is happening with import based economies around the world. At present, India’s total imports for the entire financial year are estimated to be close to $ 600 billion. At the same time, the foreign exchange reserves of the country are also close to the same. On the other hand, Pakistan’s 10-month imports are $ 65 billion, while the foreign exchange reserves are much less than this. In such a situation, the Reserve Bank is intervening from time to time to save the rupee from falling. Although the major bank of Pakistan does not have that much possibility, so the Pakistan rupee continues to fall.

Source: www.tv9hindi.com

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Shehnaz Ali
Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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