PTI’s 100 days in government show sharp increase in dollar value of Rs13 – Business
Last updated on November 28, 2018 3:55 p.m.
The first 100 days of the PTI government turned out to be a bad omen for the Pakistani currency.
LAHORE (Dunya News) – The state’s business and economy has suffered a severe setback in the first 100 days of Pakistan’s Tehreek-e-Insaf (PTI) government and the main reason for the deterioration of the economy is the meteoric rise of Rs13 in value of US dollars.
The first 100 days of the PTI government turned out not to bode well for the Pakistani currency as it witnessed a surprising fluctuation in the value of the US dollar against the Pakistani rupee which rose by around 13 rupees during the first hundred days of Prime Minister Imran Khan’s new government.
On 09 October 2018, the local currency started to depreciate against the dollar and reached the agonizing level of Rs. 138 after an increase of Rs.10.28 in the interbank market and Rs. 11:20 in the open markets.
For example, the dollar registered a shocking rise, rising by 7.5%, which was the second strongest appreciation in 27 years in a single session following the inevitable decision of the government of Naya Pakistan to request new loans from the International Monetary Fund (IMF) to support the balance of payments. position.
Following this strong increase in the value of the dollar, in a short time, an increase of 8.20 pc is recorded in the value of the dollar against the rupee. The slide recorded in October was the second largest slide in a single session, the first being seen in 1999 on May 19, when the rupee traded a 10% slide.
Experts are of the opinion that in the government led by Prime Minister Imran Khan, the rupiah has experienced an abysmal fall which has caused debts to soar up to Rs. 975 billion.