The US dollar continued to smash the Pakistani rupee as it crossed the mark of Rs200 in the open market, Daily Times reported.
According to the Forex Association of Pakistan (FAP), the greenback gained Rs1.68 in the interbank market from the previous day’s close of Rs196.50 and climbed to Rs197.66 around 11:26am.
The forex dealers said that US dollar gained Rs 2 in the intraday trading in the open market to trade at over Rs200.
Interbank closing #ExchangeRate for todayhttps://t.co/V0LiF62fhX pic.twitter.com/gWAJw1uQ0y
— SBP (@StateBank_Pak) May 17, 2022
The current spell of the dollar’s persistent rise against the rupee began on Tuesday last week, when the international currency hit a record high of Rs188.66. It then soared to Rs190.90 on Wednesday, rose past Rs192 on Thursday, reached Rs193.10 on Friday, climbed over Rs194 on Monday and surged past Rs196 yesterday (Tuesday).
The experts said that the rise of the US dollar was due to the continued pressure from the import bill on the Pakistani rupee and the depleting foreign reserves.
However, the International Monetary Fund (IMF) will begin talks with Pakistani officials on Wednesday over the release of funds. The Pakistani delegation has reached Doha to negotiate with IMF to review the economic relief program for the country.
Pakistan has repeatedly sought international support for its economy, which has been hit by crippling national debt, galloping inflation and a plummeting rupee.
Analysts believe the rupee is gradually heading toward 200 in the interbank market in the days to come if the government doesn’t take immediate action to bring economic and political stability to the country.