After yesterday’s slaying of Pakistani rupee, the US dollar is still showing no signs of plummeting as the greenback has gained another Rs1.30 in its value in the interbank trading on Tuesday, reported 24NewsHD TV channel.

The forex dealers informed that during trading the US dollar showed such a robustness that it again pounded Pakistani currency and appreciated by Rs1.30 as it was ended the day at Rs205.16.

https://twitter.com/StateBank_Pak/status/1536668215065161729

Yesterday, which was the first business day of the week, the US dollar shattered all previous records with an increase of Rs1.65 and reached Rs204 for the first time in the Pakistan history in interbank trading in the morning. However, by the evening it shed some of its value and closed at Rs203.86 with an increase of Rs1.51. 

https://twitter.com/StateBank_Pak/status/1536297817471434752

Economic experts believe that depleting foreign reserves and ballooning current account deficit are main reasons behind rupee’s quick slumping. 

They also believe that the new budget also knelled the death bells as government has increased tax on commercial bank. Finance Minister Ismail Miftah’s statement that Pakistan was facing default if the IMF deal had not been secured, also proved fatal for the country’s economy. 

Experts believe, the negative comments have shattered the confidence of market which turned red yesterday and lost more than 1,100 points to close well below the 41,000 mark.

Today, again the benchmark KSE-100 index has failed to revive and shed 62 points, with index plunged to 40,817 mark. 

Reporter Habib Khan