The US dollar reached a staggering Rs200 exchange rate between banks on Thursday morning, earning R1 from the previous day of the R199 closure, the Forex Association of Pakistan (FAP) data showed.
According to FAP, the US currency reached points Rs200 – peak time – around 11am.
Last day, the greenback made a significant gain of more than Rs2 since Tuesday and remained at Rs199 at the end of the session, which was the latest in a series of high-stakes records hit by the US currency since last Tuesday.
While FAP recorded the previous day’s closing rate at R199, data released by the Pakistani State Bank described the closing rate at Rs198.39 – still surprisingly close to the Rs200 level expected for the international currency to reach the country’s inflation target. draft, growing current account deficits and eliminating foreign exchange reserves.
The dollar value has reached Rs200 in the open market yesterday.
Commenting on today’s exchange rate, FAP general secretary Zafar Paracha said today was a “dark day” in the history of Pakistan.
Meanwhile, Asad Rizvi, former chancellor of Chase Manhattan, said Mettis Global – Web-based financial data and analytics portal – for “retirement costs, circular debt [of] R2.5 trillion, public entities [worth] Rs1.2tr and a deficit of almost eight per cent are not available and adds pressure to “rupee.”
“Independent SBP”, meanwhile, “had no concerns about PKR plunge, probably waiting. [an] IMF results, “he said Mettis Global The report quoted him as saying.
Lots to follow