US dollar has touched Rs.160 against Pak Rupee in the interbank market on Wednesday. The details revealed that the rate of greenback increased by Rs2.2 while trading.
US dollar has been strengthening for quite some time against Pak Rupee. Last week it was being traded at Rs.157 in the open market.
On June 14th, the US dollar gained strength by Rs.3.10 against the Pak Rupee and reached Rs.156 in the open market.
Since the PM’s adviser on Finance Abdul Hafeez Sheikh made the announcement of the three-year bailout package with the International Monetary Fund (IMF) worth $6 billion, the rupee went into free fall.
The free fall of rupee against the US dollar has affected many industries and markets. Automakers have increased the car prices, bike prices have been raised, petrol prices have been increased, and prices of general commodities have been affected as well.
Thus, as the rupee weakens against the US dollar, the economy of the country suffers.
It is pertinent to mention here that the Civil Aviation Authority (CAA) took the decision of taking the airport charges in Pak rupees instead of US dollars at the airports throughout the nation from the international passengers.