The Dollar Smashes all previous records, Jumped to 200-mark in Open Market
By Abdur 0 Comments Pakistan is on the verge of default as the dollar rate increasing day by day against PKR and also the Stock Market is Crashing day by day. Now the dollar has crossed the 200 mark in the open market.
According to the Forex Association of Pakistan (FAP), the Dollar closed at Rs 196.50 yesterday, adding Rs 1.68 to the interbank market, and jumped to Rs 197.66 at around 11:26 am. Forex dealers said that the US dollar gained Rs 2 to trade at over Rs200 in the open market.
Economist Muzammil Aslam says the rise in the dollar rate will lead to a surge in inflation and the government will have to raise petrol and diesel prices, which will further increase inflation.
Experts also say the reason for the rise in the value of the US dollar is the constant pressure of the import on the Pakistani rupee and the decline in foreign reserves. The other reason for the increasing dollar rate is Political instability. After No Motion Confidence, the Finance Minister of Pakistan Miftah Ismael Urges People to invest in the Stock market. Due to instability, the stock market crashed and the investors lost their money.
However, the International Monetary Fund (IMF) will begin talks with Pakistani officials on Wednesday on the release of the funds. A Pakistani delegation has arrived in Doha for talks with the International Monetary Fund (IMF) to review the country’s economic relief program.
The Experts says that The IMF will release their fund on strict condition as the IMF will demand an end to subsidies on petrol and diesel, increase electricity rates and increase the prices of food items.
Experts say that there is no doubt that the dollar will soon reach 200 on the interbank. The Experts Say that the Govt will have to take the stick economical conditions or have to dissolve assemblies to call fresh elections.
//Also Read WorkChest The Emerging Freelancing Website in Pakistan
