US dollar to hit Rs 180 mark against Pakistani Rupee: Report

Shares
US dollar to hit Rs 180 mark against Pakistani Rupee: Report

LAHORE: The Mighty US dollar to hit Rs 180 mark against Pakistani Rupee, Media Report has revealed citing currency analysts.

The Pakistani Rupee (PKR) has fell to all-time low of Rs160.48/Rs160.73 against US Dollar (USD), an increase of Rs2.19, 3.45 per cent down, from its last close.

According to the data available at *Mettis Global,* exchange deals have been reported at Rs160.48/Rs160.73 per dollar at the time of filing of this report.

Meanwhile, some media outlets are reporting the dollar-rupee parity at Rs161.50 with an increase of Rs3.80.

Ibrahim Moosa for Mettis Global told *Profit, *that it is expected that the rupee will settle at Rs160 for the month of June.

According to the available data, during the month of June, the Pakistani rupee depreciated by 8.15 per cent having closed the prior month at Rs147.92 against the mighty dollar.

It is pertinent to mention that during Pakistan Tehreek-e-Insaf’s (PTI) 10-month rein the Pakistani rupee has fallen 29.71 per cent, from Rs123.35 on August 18, 2018, the day Imran Khan was sworn in as the 22nd Prime Minister of Pakistan, to Rs160 today, marking the highest decline in such a short period of time in the history of Pakistan.

Bearing in mind the freshly agreed deal with the International Monetary fund (IMF), further depreciation was expected in the markets as it is a condition for the agreement.

Pak Kuwait Investment Co AVP Research Adnan Sheikh while talking to *Profit* about rupee devaluation said, “The rupee is likely to fall to Rs175-Rs180 levels by the end of this year”.