Media reports have cited currency analysts stating that the US dollar is to hit Rs.180 against the Pak Rupee.
Just recently Pak Rupee fell to a record low of Rs160.48/Rs160.73 against the US dollar. Pak Kuwait Investment Co AVP Research Adnan Sheikh said, “The rupee is likely to fall to Rs175-Rs180 levels by the end of this year”.
The data available at the ‘Mettis Global,’ at exchange deals have been reported at Rs160.48 or Rs160.73 in the open market and interbank market respectively.
Ibrahim Moosa for Mettis Global told stated that it is expected that Rupee will settle at Rs.160 for the month of June. The Pak Rupee depreciated by 8.15% in the month of June, as it closed at Rs147.92 in the month of May against the US dollar.
It is important to mention here that in the 10-month government of Pakistan Tehreek-e-Insaf’s (PTI), Pak Rupee devalued 29.71 percent from Rs123.35 on August 18, 2018, to Rs.160 today on 29th June 2019. On August 18th, 2018, Imran Khan was sworn in as the 22nd Prime Minister of Pakistan.
The recent deal with International Monetary fund is held accountable for the continued depreciation of Pak Rupee against the US dollar.