Pakistani Rupee hit a record low at Rs 122 per dollar in early trade at the interbank. After the loss, the dollar price went a bit down to Rs 120. Right now the price of US dollar is Rs 119.05 as per forex.pk Intermarket rates. Due to rise in dollar’s value, the value of Pakistani rupee has gone down by 4%.
In May 2018 we informed our readers that rupee is continuously falling against the dollar in the open market. In April 2018, the US dollar value went up to Rs119.50 on the market. In March, US dollar value went up by Rs 4.93 in the interbank market. Rupee price went up to Rs 117.
Must read: Rupee currency weakens against the US dollar
Rupee depreciation against the dollar is going on for quite some time and it is quite disturbing for Pakistani economy and business. Unstable, low rupee value against the dollar is affecting different businesses in the country. The foremost effect of rupee depreciation is the rise in fuel prices which continues to happen with each passing month. The leading automakers in Pakistan Toyota, Honda, and Suzuki increased their car prices as the rupee depreciated against the dollar. Cost of import items gets higher and this includes raw material costs which affect the overall trade environment of the country. Also, Rupee depreciation against the dollar is causing inflation all around and almost in all markets and industries in Pakistan.