LAHORE: Business and economy of the state has faced a severe setback during first 100 days of the Pakistan Tehreek-e-Insaf (PTI) government and the major reason of the deteriorating economy is the skyrocketing increase of Rs13 in the value of US dollar.
First 100 days of PTI government has proved not to be a good omen for Pakistani currency as it has witnessed a surprising fluctuation in value of US Dollar against Pakistan Rupee that hiked about Rs13 in the first hundred days of PM Imran Khan’s new government.
On October 09, 2018, Local currency began to depreciate against dollar and reached at the nerve-racking level of Rs. 138 after an increase of Rs.10.28 in interbank market and Rs. 11.20 in open markets.
On an instance, dollar recorded shocking rise, increasing by 7.5 percent which was the second largest appreciation in last 27 years in one session following the Naya Pakistan government’s inevitable decision to seek new loans from International Monetary Fund (IMF) to support of balance of payment position.
Following this sharp increase in the dollar value, in a short span, an increase of 8.20 pc is being recorded in the value of dollar against rupee. The slide recorded during October, was the second biggest slide in single session, first was witnessed in 1999 on May 19, when the rupee depicted a slide of 10 percent.
The experts are of the view that in PM Imran Khan led government, rupee has seen an abysmal downfall which has surged debts up to Rs. 975 billion.