The Pakistani rupee started the business week with a promising start as the US dollar reached Rs192.25 from Rs192.53, but the resistance was temporary as the US dollar bounced back with an increase of Rs1,47 and reached Rs194 for the first time in history.
It means that the US dollar has broken yet another record against the Pakistani rupee, having reached Rs193.47 on the last day of the previous business week and now reaching Rs194.
The previous close value of the US dollar against the Pakistani rupee was Rs192.53 on Friday.
According to experts, the rise in the US dollar was caused by the continued pressure on the Pakistani rupee from import bills and the country’s depleting foreign reserves.
It will be interesting to see how the rupee recovers in the second half of the day.
Prime Minister Shehbaz Sharif promised to stabilize the dollar in his inaugural speech to parliament after being elected PM.
The dollar fell to Rs182 after the new government took power, but it has now reached a record high of Rs193 due to market uncertainty and political wrangling in the country.
