Karachi(June 20, 2018): US dollar raised to its all-time high of Rs125 in the open market on Wednesday after a further increase Rs0.5 from yesterday.
Pakistani rupee continued to slide down showing apparent signs of vulnerability for the country’s economy.As per the Forex dealers, the dollar has weakened by Rs0.33 reaching at Rs121.40 in the interbank market. Whereas yesterday it climbed to Rs121.73.The diminishing foreign reserves and a widening current account deficit have triggered speculation about going back to the IMF for loans for the second time since 2013. However, this possibility was strictly rejected by interim finance minister Dr Shamshad Akhtar.
The rupee was devalued twice before, by the State Bank Of Pakistan, each time by about 5 percent in December and March.The rupee drop threatens to squeeze consumers ahead of the general election set for July 25.
Since December, the rupee value has depreciated by about 14 percent.