The US dollar touched an all-time high of Rs148.50 in the interbank market on Thursday (May 16 )morning, a day after bouncing back to Rs144 in the open market. The greenback gained by Rs5.61 – approximately 4 percent – to be sold for Rs148 in the interbank market. It is currently being bought for Rs146 in the interbank market.
After rupee devaluation the speculations are getting pace that the rupee devaluation is connected with undisclosed loan agreement between government of Pakistan and International Monetary Fund (IMF).
As per details, the greenback’s value increased by Rs2.25 to reach an all-time high and might be possible that this increase will cause further rupee devaluation. Moreover Forex Association of Pakistan has claimed that the buying and selling rates of dollar in the open market were recorded at Rs 143.20 and Rs 144 on Tuesday (May 4) . However on Wednesday (May 15), the greenback’s value increased by Rs 2.50 to reach an all-time high amid speculations that the local currency will depreciate further.
According to economic experts, the further rupee devaluation is expected in upcoming days. Its worth mentioning that due to currency instability Pakistan is already facing severe economic issues like high inflation rate and others.