Pakistan’ currency is witnessing a recovery after a record slide
KARACHI – The rupee in Pakistan started the new business week from the point it had closed the last one with another Rs1.06 gain against the US dollar, as the local currency continues recovering from the worst slide in its history.
With some circles confident of the rupee bouncing back to the Rs250 mark in the coming weeks, it was available for Rs290.70 in interbank exchange rate during early trading on Monday. The closing value on Friday – the last working day of the previous business week – was recorded at Rs291.76.August 22 . Previously, it was earlier this year on May 11 when the dollar had jumped to Rs298.93. Later, the local currency depreciated to the new record to low of Rs307.10.
Later, the local currency depreciated to the new record to low of Rs307.10 in interbank and Rs333 in open market trading, worsening the cost-of-living crisis in the country which is witnessing record-high inflation amid rising food prices and the repeated increase in energy rates.as the government clamped down on market manipulators and dollar’s smuggling across Pakistan’s western borders into Afghanistan.
Unless Pakistan achieves a marked improvement in the rupee exchange rate, arresting the out-of-control inflation will remain a pipe dream.