The dollar now trades at 210 in the interbank, The ongoing political and economic chaos in the country has made the rupee once again decline against the US Dollar.
Rupee devaluation continues as now the Pakistani currency is now at an all-time low of Rs210 against the US dollar says the Forex Association of Pakistan. Now the dollar is being traded at Rs210 as rupee once again has plummeted.
Mettis Global which is a web-based financial data and analytics portal says the rupee sustained a massive loss of Rs6.4. Which happened during the last week’s five consecutive sessions.
Dollar now trades at 210 in interbank, Reaches new high
Experts have also said that this sharp depreciation of rupee has occurred due to the shortage of dollars at banks. And the continued drying out of the foreign exchange reserves.
According to the markets experts if the government of Pakistan does not pay immediate attention to the continuous declining value of rupee with respect to restraining import bills with the help of reducing the unnecessary expenditures and have warned that if a deal does not take place with the International Monetary Fund (IMF), the country’s foreign reserves would keep on shrinking like this.
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Experts warn the country could head towards a default like Sri Lanka
Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan have also said that the markets are under serious suffering. But it seems like the authorities or the government does not seem to be bothered at all. They are all completely oblivious to it. He also warned that if it keeps going like this the country could be heading towards the default just like it happened in Sri Lanka. So therefore it’s very important for the government of Pakistan to take some immediate measures to mitigate the ongoing chaos, otherwise, the country could default.
State Bank of Pakistan says the country’s reserves have fallen by another $234 million to close just below $15 billion. SBP’s share in these reserves is just below $9 billion.