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The US dollar is becoming less valuable when compared to the Pakistani rupee. On Thursday, during the ongoing trading session, you could exchange one US dollar for 287.75 Pakistani rupees. This means the Pakistani rupee gained 1 rupee in value compared to the US dollar.
In the open market, you could get one US dollar for 288 rupees, and this represents an improvement of 2 rupees for the Pakistani currency.
The government in Pakistan has managed to stop the devaluation of the rupee. Before, the rupee had reached a record low of 307.10 in official banking and 333 in open market trading. This was causing problems in the country, like the high cost of living due to inflation, which was caused by increasing food prices and higher energy rates.
Recently, things have been getting better. The rupee has improved in both official and open market exchange rates. The government took action against those who were manipulating the market and smuggling dollars into Afghanistan from Pakistan.
The rupee’s value has been going down since 2018, which caused problems like higher import costs, increased business expenses, more expensive living, and rising prices for food and fuel. All of these factors have contributed to inflation in the country.
In Pakistan, the currency market is moving differently from the global trend. This is because high-interest rates have led investors to prefer the “safe haven” of the US dollar.
This situation in Pakistan shows that the record decline in the value of the rupee was not a natural occurrence but was caused by market manipulation, like hoarding and smuggling of dollars. Thankfully, the government has taken steps to stop these actions, which were causing economic problems in the country.
