Pakistani rupee depreciates once more against U.S. dollar - Rs128.40

Marco Green
July 19, 2018

The rupee weakened against the dollar to Rs128.5/128.7 in the inter-bank market on Tuesday compared with Monday's close of Rs127.9/128.1.

Pakistan's external debt increased by Rs600 billion in a single day after the dollar strengthened in the market.

The rupee showed downward trend by 5.7% against United States dollar on Monday, resulting in augmented downgrading of exchange rate to 18.7% from the past several months since December 2017. The dollar has gained by over Rs20 in the interbank market since December 2017. However, on Tuesday the U.S. dollar illustrated rise of Rs128.40. Amid rupee depreciation, a possible threat of inflation is likely to cause a surge in the prices of petroleum products, mobile handsets, vehicle prices and a general increase in prices of imported goods. On July 13, dollar closed on Rs 121.54 in the interbank market.

Pakistani rupee once again depreciated against United States dollar by 40 paisa, just after the day dollar price augmented by Rs6.

In the first 11 months of the fiscal year, Pakistan suffered from account deficit of $16 billion.

According to economists, the value of Pakistani rupee is declining due to increased imports and high debt and interest payments.

Other reports by Click Lancashire

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