Another round of Pakistani currency depreciation took place on Monday as the United States dollar climbed to all-time high of Rs128.25 in the interbank market amid the recent spate of attacks on politicians ahead of general polls.
Following a sudden rise of dollar value, an increase of Rs540 billion was seen in national debt and Rs1980 billion in foreign debt.
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The rupee showed downward trend by 5.7% against U.S. dollar on Monday, resulting in augmented downgrading of exchange rate to 18.7% from the past several months since December 2017. However, on Tuesday the United States dollar illustrated rise of Rs128.40. According to dealers projections, the market is likely to accept the assurance with the new dollar price, till there is no subsequently deflation arrangement.
With a sudden increase in dollar's value there is a possible threat of inflation. 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. This means we are consuming more imported items. which is not sustainable in the long run. A permanent end to the external account crisis can only be achieved through increasing our export earnings and scaling down the imported goods.