Finance News

The rupee depreciates in Pakistan too, 203 rupees to 1 dollar

South Asia’s foreign exchange crisis is intensifying. The local currencies of some countries have been depreciating against the dollar. The value of money against the dollar is depreciating almost every day in Bangladesh. Meanwhile, the Pakistani rupee is also being devalued. The US dollar crossed 203 rupees in interbank transactions in Pakistan on Tuesday. This is according to a report in Dawn, one of the country’s leading media outlets.

Analysts in the Dawn report predict that the rupee will continue to depreciate as the ongoing debt negotiations with the International Monetary Fund (IMF) continue and the dollar continues to depreciate to pay for oil and import other goods.

According to the Forex Association of Pakistan (FAP), the greenback or the US dollar rose by 2.70 rupees to 203 rupees in the Pakistani market on Tuesday from 200.20 rupees earlier.

The dollar crossed 200 rupees in Pakistan on Monday. The rupee started depreciating against the dollar early on Tuesday. In response, FAP chairperson Malik Bostan and Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan, said:

Asad Rizvi, a former head of the Treasury at the US think tank Chase Manhattan, told Metis Global, a web-based financial data analytics portal, that Pakistan’s budget was ahead, so there was some turmoil in the economy. At the same time, the situation will remain dire until the loan that Pakistan has applied to the IMF is approved