Recently, the Pakistani rupee value experienced a bad hit at the international market against dollar value. Dollar value jumped to 150 on Friday against rupee. These fluctuations are seen to be caused by the new deal between Pakistan’s government and the international monetary funds. In the open market, the dollar was for 150Rs and 149.50Rs in the interbank market. According to news reports IMF will be agreed upon giving loans to Pakistan over certain conditions which means that an alarming bell of increasing debt for Pakistan is on the way.
US DOLLAR To PKR
Such a falling value of dollar value is questioning the claims of the current government and its prosperity mechanisms. The stock market also got affected with the benchmark KSE-100 index shedding 804.5 points to close at 33,166.6, down 2.4 percent on Friday. Due to the falling value of rupee, these fluctuations are obvious. Meanwhile, the exact conditions for the deal with the IMF are still unknown.
This slowdown of economic growth is indicating that the government will surely raise the taxes and it is already happening. Inflation rates are raising; already over 8pc. Especially the prices of fuel and gas have gone up. Additionally, the foreign exchange reserves fell from $138 million to $8.846 billion which are less than needed to cover three months of imports.