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Rehman Malik predicts further fall of rupee against dollar
By Chronicler
Islamabad
Senator A Rehaman Malik has predicted further fall of Pakistan rupee against US dollar in coming days.
He fears that as economic indicator suggest Pakistani rupee may witness further devaluation which might be as low as Rs160 to Rs165 against a US dollar in days to come.
While reacting to record fall of the rupee against the dollar he says he three months ago had also predicted that rupee would fall as low as Rs150 against the dollar.
“Never thought about it that Pakistani currency would witness so much devaluation. It would be great achievement of the government if it luckily stabilize the rupee dollar parity where it is,” he states.
In a statement issued to media Senator Malik who is also the chairman of Senate’s Standing Committee on Interior states that devaluation of Pakistani currency is affecting the public life like that of tsunami.
“The prices of common commodities and necessities of life have already touched unprecedented level. Inflation level is touching record high level in the history of Pakistan,” he further states.
This is pertinent to mention here that according to the State Bank of Pakistan (SBP) the exchange rate in the interbank market on Thursday closed at PKR146.52 per US dollar from Wednesday’s close of PKR141.40 per US dollar.
According to it this movement reflects demand and supply conditions in foreign exchange market and it will help in correcting market imbalance.
Pakistan’s rupee weakened to a record in an apparent devaluation, four days after Pakistan secured a bailout from the IMF that investors believe includes tough conditions to reform the economy.
This unprecedented devaluation has put the currency as the worst performer especially in South Asia.
Meanwhile, the Pakistan Tehreek-e-Insaaf led government in the centre is facing a lot of criticism from the opposition because of its economic policies which, according to it, is weakening the rupee against the dollar.
This devaluation of the currency is the main cause behind unprecedented inflation level in the country. The common commodities’ prices have been witnessing record high level during this period and making the lives of common citizens miserable.
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