Dollar Hits an All-Time High to Rs160
Rupee Depreciated Again
At the beginning of this year, industry specialists think that the rupee is likely to drop to Rs175-Rs180. Gold hits a record all-time high of Rs80,500, with Rs1300 increasing per tola.
LAHORE: The Pakistani Rupee (PKR) dropped to an all-time high of Rs160.48/Rs160.73 against US Dollar, an increase of Rs2.19, 3.45% down from the last closing, in the early hours of trade at the Interbank on Wednesday morning.
According to Mettis Global data, Rs160.48/Rs160.73 per dollar was recorded as exchange deals at the moment the filling was reported.
In the meantime, certain press outlets report the PRs 161.50-dollar parity, with Rs3.80 increasing.
According to available data, the rupee of Pakistan was down 8.15% during the month of June when the previous month ended at Rs147.92, compared to the powerful USD. Ibrahim Moosa for Mettis Global said it is expected to settle the rupee at Rs 160 for the month of June.
We have to note, that during Pakistan's ten-month era of rein it was decreased by 29.71%, from Rs123.35 of 18th August 2018 to Rs160 of todays.
Bearing in mind the freshly agreed deal with the International Monetary fund (IMF), further depreciation was expected in the markets as it is a condition for the agreement.
During a discussion about rupee devaluation, Pak Kuwait Investment Co AvP Research Research Adnan Sheik said, "Rs175-Rs180 is expected to decrease by the end of the year."
He added, “Rupee’s depreciation is inevitable, it will fall in value, sooner than later. The demand for the dollar has to rise for repayments and we do not have enough reserves, hence the need to buy dollars.”
In the past, the PTI govt had been very strong about the devaluation of the rupee and blamed its predecessors for unsuccessful strategies.
Prime Minister's special assistant Iftikhar Durrani said in May, during the Pakistan People's Party (PPP) government, the interbank dollar level increased Rs32 from Rs64 to Rs96.
“The dollar climbed steeply during the era of the Pakistan Muslim League-Nawaz (PML-N), as it went up to Rs26 from Rs96 to Rs122,
The speculation is that by the end of this year the dollar-parity rupee will fall around 180-190 if the present devaluation pace remains.
Gold, while also achieving a record high, is presently trading at Rs 80,500 per tola on Tuesday, with a rise in Rs1300 per tola.
The local price rise is seen after gold reached $1429, and the global industry grew by $21 per ounce.