US Dollar hits record high against Pakistani Rupee

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US Dollar hits record high against Pakistani Rupee

KARACHI – The value of US dollar on Thursday, hit a high of Rs128.48 in interbank trading while Rs129.50 in open market after an increase of 48 paisa in interbank market and 50 paisa in open market respectively.

This hike in dollar value would be a reason of an increase in the prices of petroleum products, eatables, dairy products, mobile charges, transport and vehicles.

With a sudden increase in dollar’s value there is a possible threat of inflation and economic instability.

According to economists, the value of Pakistani rupee is declining due to increased imports, low remittances, debt and interest payments.

Experts recommended to take every possible step to avoid further increase in the value of US dollar.

This is possible only if Pakistan increases exports to maintain the rupee value in the international market.

Moreover, the hiked dollar prices have also heightened prices of furnace oil.

According to a report, in 1950, the value of 1 US dollar was 5 Hong Kong dollar and now it has increased to 7 Hong Kong dollar only.

In India the value of 1 US dollar was Rs4 in India and now it is Rs68.

In Philippine, 1 US dollar was for 2 Philippine Peso and now it is 53 Peso.

While in Pakistan the value of dollar was Rs3 but now it has heightened to Rs130.

This situation shows the devastated economic condition of Pakistan, prevailing due to uncontrolled value of dollar against Pakistani puree.