US dollar crushes Pakistan rupee mercilessly to reach Rs194.18
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The opening day of the business week saw a promising start from the Pakistani rupee which showed resistance as the US dollar reached Rs192.25 from Rs192.53, but the resistance was temporary, after that the US dollar bounced back with an increase of Rs1.65 and crossed the Rs194 mark for the first time in history to close at Rs194.18, reported 24NewsHD TV channel.
It means the US dollar has yet again set another record against Pakistani rupee as on the last day of the previous business week it had reached Rs193.47 and now it has reached Rs194.
The previous close value of the US dollar last Friday was Rs192.53 against the Pakistani rupee.
Interbank closing #ExchangeRate for todayhttps://t.co/TtjdrtMGRY pic.twitter.com/6xuz1oyA8g
— SBP (@StateBank_Pak) May 16, 2022
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.
The rupee only showed resistance for abreif time period at the start of the but after that it was like one-way domination.
Prime Minister Shehbaz Sharif in his inaugural speech in parliament after being elected as PM vowed to stabilize the dollar.
The dollar has gone down to Rs182 after the new government came into power but now it reached record high of Rs193 due market uncertainty and political tussle looming over the country.
Reporter Habib Khan