Another bolt from the blue for Pakistanis is the sudden hike of the US Dollar against Pakistani Rupee. The devaluation of Pakistani rupee is still continued. On Wednesday morning, the US Dollar has touched to Rs 161.50 in the interbank market that is the all-time highest rate for Dollar.
According to many analysts, the further devaluation of Pakistani rupee is still expected. However, Dr. Reza Baqir, the Governor of State Bank of Pakistan stated in a press conference that the current devaluation of rupee is seasonal.
But the dealers of currency are baffled over this situation and speculate that the dollar price will be settled around Rs 160-165 according to the terms and conditions of IMF. (It was one of IMF’s conditions to raise the dollar price in order to get a bailout of $6 billion for Pakistan)
The continuous hike in the price of the US Dollar has affected the Pakistani economy and exports badly. The exports have been reduced from $22.75 to $22.34 only. It has also reduced the exports in the telecom and IT sectors.