The value of rupee continues to fall continuously in the currency exchange market of Pakistan. In the open market on Tuesday, the dollar rose by around Rs 9 to over Rs 224 in a single day.
According to the State Bank of Pakistan, the value of the dollar in the interbank market was Rs 221.99.
Compared to the rupee, the value of the Saudi riyal was 59.11, the UAE dirham was 60.43, the British pound was 266.64, while the value of the Kuwaiti dinar was 721.99 rupees.
According to forex dealers, the rupee began to fall sharply from the beginning of trading on Tuesday, July 19, which continued till the end of the day.
In the interbank market, the value of the dollar rose above Rs 224 against the rupee by afternoon, which was a huge drop in the value of the rupee by nine rupees in a single day.
The report released by the State Bank of Pakistan on Monday said that the value of the dollar increased by Rs 4.25 to Rs 215.20 on the first day of the business week.
Why is the value of rupee continuously falling?
Economists say that the main reason for the increase in the value of the dollar is the continuous decrease in the country's foreign exchange reserves. While the rupee is under pressure due to record increase in import bill and lack of reduction in expenditure.
Talking to Urdu News, economic analyst Khurram Hussain says that there has been a shortage of dollars in the market and political instability has also become severe. These two factors combined have put a lot of pressure on the rupee, due to which the value of the Pakistani currency is continuously falling.
According to Zafar Pracha, Chairman of Forex Association of Pakistan, 'Today has been the darkest day for the Pakistani economy. It is clear from what is happening with the currency at the moment that the consent of the government is involved.
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