- The US dollar has crossed the significant Rs300 threshold in Pakistan’s inter-bank market.
- Pakistan is currently grappling with a severe economic crisis, marked by issues such as dwindling exports.
- The surge in US dollar demand is attributed to the recent removal of import restrictions,
In a significant development, the US dollar has breached the Rs300 mark in the inter-bank market, marking a staggering increase of Rs100 over the past 15 months. This surge comes at a time when Pakistan finds itself grappling with one of the most severe economic crises in recent history.
As of Thursday’s early trading hours, the US dollar was being exchanged at Rs300.37, highlighting the growing pressure on the country’s currency. This escalation in the value of the greenback is attributed to the heightened demand for the US dollar following the lifting of import restrictions. Additionally, concerns are mounting due to the rising risks associated with financing Pakistan’s current account deficit.
Earlier in the week, the national currency had experienced a dip, reaching 299.64 against the US dollar, as consecutive losses added strain.
The situation has further worsened due to various factors, including stranded cargo containers, a decline in exports, and reduced remittances. These combined issues have contributed to a shortage of US dollars, exacerbating the ongoing dollar crunch.
The economic landscape of Pakistan remains challenging as policymakers grapple with finding solutions to stabilize the currency and mitigate the adverse impacts of the current economic crisis.