KARACHI: The US dollar continued its flight against the rupee on Tuesday to breach an all-time high mark of Rs196 mark in interbank trade.
According to the Forex Association of Pakistan (FAP), the greenback gained Rs1.90 from the previous day’s close of Rs194.60 to climb to Rs196.50.
This spell of the dollar’s persistent rise against the rupee began on Tuesday last week when the international currency hit a record high of Rs188.66.
It soared to Rs190.90 on Wednesday, rose past Rs192 on Thursday, reached Rs193.10 on Friday and climbed over Rs194 on Monday. The State Bank of Pakistan recorded the closing rate at Rs194.18.
The rupee fell 0.85% (or Rs1.65) to Rs194.18 against the greenback as compared to Rs192.53 at the close of previous working day (Friday), according to the central bank.
The government kept delaying required measures to control the growing economic crisis. Cumulatively, in the past seven working days, the rupee has sunk 4.57% or Rs8.49.
In the midst of dwindling foreign exchange reserves and the massive devaluation of the local currency, Prime Minister Shehbaz Sharif directed policymakers to devise a comprehensive strategy in consultation with stakeholders to halt the rupee’s free fall and improve reserves.
He directed to present an effective and actionable plan in that respect on emergency basis. He also held a virtual meeting with Exchange Companies Association of Pakistan (ECAP) chairperson Malik Bostan and expressed concern over the current situation.
