New Record
ISLAMABAD: The US dollar set a new record by hitting 312 rupees mark in the open market trading on Tuesday (Aug 22). The greenback gained Rs 8 value in just one day in the open market.
On Tuesday morning, the dollar-rupee exchange rate started around 304, but it expanded to 312 rupees, the highest ever so far.
However, in the inter-bank trading, the dollar-rupee exchange rate witnessed an increase of Rs 1.90 and amounted to 299 rupees.
Notably, in less than two weeks’ tenure of the caretaker government, the value of the US dollar has increased by 20 rupees in the open market.
Meanwhile, the gap between the inter-bank and open market trading of the dollar widened to 13 rupees on Tuesday.
Dollar challenges governance of the caretaker govt
Moreover, the US dollar further challenged the governance of the caretaker government on Monday. The greenback gained more than two rupees on Monday, closing at 297 rupees.
Another such move will place the value of the dollar around 300 rupees in the inter-bank trading.
Meanwhile, in the open market trading, the value of the dollar further increased to 304 rupees.
On Friday, the rupee faced a loss of 47 paisas within the interbank market, leading to a valuation of Rs296.25 against the American dollar.
During this period, the Pakistani currency demonstrated a minor increase in strength, gaining 8 paisas within the interbank market and being traded at Rs295.70.
Is the dollar dredging economy? Dollar challenges governance of caretaker govt
Is the dollar on the way to crush economy and consumers in Pakistan? It appears evident from an unbridled and hasty flight of the US dollar against the Pakistani rupee soon after the appointment of the caretaker prime minister posing a threat to the economy and the inflation-hit consumers.
On Wednesday, the dollar-rupee exchange rate further widened to 294 rupees in the interbank trading and 303 rupees in open market trading.
After the appointment of the caretaker premier, the US dollar has gained more than six rupees value in the inter-bank and open market trading in just two working days (August 15 and 16).
The way the US dollar is dredging the value of rupee, it appears that the economy and the consumers will get into serious trouble in the days ahead.
