There was no ending to the thrashing of Pakistani rupee by the world’s most powerful currency, the US dollar, as the greenback demonstrated heavily again on Wednesday, reported 24NewsHD TV channel.
The US dollar straight away scored a healthy gain of 90 paisas against the Pakistan rupee and closed the day at another historic high of Rs186.13.
The greenback ended Tuesday at Rs185.23.
With its rollercoaster ride, the US dollar rate has reached the historic high against the rupee. The greenback is constantly gaining strides against the spineless rupee which has been greatly buffeted after weathering the political uncertainties at home.
The current political turmoil is seriously impacting country’s financial markets. The country’s trade deficit is also growing with the Asian Development Bank (ADB) predicting a further dent in the economic growth target.
According to the data released by Pakistan Bureau of Statistics on Monday, trade deficit has grown by 70 percent year-on-year to $35.4 billion during the nine months through March as imports bill remained near $60 billion.
The rupee is under extreme pressure by widening trade deficit and import bill. The rising oil prices in global market are also putting pressure on the Pakistani rupee.
The economic experts are of the view that Pakistani currency could only resuscitate if volume of our remittances and exports is increased.