Dollar soars to Rs128.75 as devaluation of rupee continues

US dollar touches all-time high of Rs128.25 in interbank market

Dollar soars to Rs128.75 as devaluation of rupee continues

The value of rupee keeps on falling down against the dollar.

Pakistan's external debt increased by Rs600 billion in a single day after the dollar strengthened in the market. This is not the first time that rupee has devalued against the dollar this year; it is happening again and again from the start of 2018. However, on Tuesday the USA dollar illustrated rise of Rs128.40.

On Monday, the U.S. dollar soared to a record high of Rs128.26 in the interbank market and closed on Rs127.99 at the close of business. Since December, the rupee has cumulatively shed over 21% of its value after the central bank reportedly abstained from intervening in response to the pressure due to a widening current account deficit. According to dealers projections, the market is likely to accept the assurance with the new dollar price, till there is no subsequently deflation arrangement.

Sources claim that the absence of any check and balance from government and the fragile political situation these days is the sole reason behind rupee devaluation against the dollar.

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

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