The rupee on Tuesday fell sharply against the dollar in the interbank to hit an all-time low of Rs203.45.
The local currency’s decline is primarily linked to declining foreign reserves, oil-related payments, and uncertainty surrounding the resumption of the multi-billion dollars International Monetary Fun (IMF) programme.
The Forex Association of Pakistan said the greenback gained Rs2.85 against the US dollar around 12:30 am, against the previous day’s close of Rs200.40.
In the open market, the dollar was trading at Rs205 after the Pakistani rupee shed Rs4 on Tuesday.
The rupee had reached a record low of Rs200 on May 19. After the government increased the petroleum prices by a whopping Rs30 a litre, the greenback lost Rs2.25 and fell to Rs199.76
But on June 3, the greenback snapped the local currency’s five-day winning streak. Finance Minister Miftah Ismail has said an IMF deal and rollover of a $2.3 billion Chinese loan would improve the country’s foreign exchange reserves.
Read more: Rupee gains Rs3 against dollar after govt rollbacks fuel subsidy
Taking to Twitter, former information minister and PTI leader Fawad Chaudhry warned of economic riots in the country. “Despite Rs60 hike in petroleum prices in a week, 45% increase in gas prices, and 47% increase in electricity prices, the dollar has not come down below Rs200.”
“Pakistan’s economy seems to have been given to nursery children who want to see every toy open, the risk of economic riots in the country is increasing,” he said.
پٹرولیم کی قیمتوں میں ایک ہفتے میں ساٹھ روپے اضافہ کیا گیا، گیس 45% اور بجلی 47% کے اضافہ کے بعد بھی ڈالر دو سو روپے سے نیچے نہیں آیا، پاکستان کی معیشت تو گویا نرسری کے بچوں کو دے دی گئ ہے جو ہر کھلونے کو کھول کر دیکھنا چاہتے ہیں ، ملک میں معاشی فسادات کا خطرہ بڑہ رہا ہے
— Ch Fawad Hussain (@fawadchaudhry) June 7, 2022
Meanwhile, PTI leader and former finance minister Hammad Azhar said the country’s economic situation is getting worse every day, saying that an election should be held before it is too late.
معیشت بتدریج بگر رہی ہے۔ ہر نیا دن معاشی شعبے سے کوئی بری خبر لاتا ہے۔ موجودہ حکومت معاملات کو بہت بگاڑ چکی ہے اور اب حالات ان کے قابو سے باہر ہیں۔ اگر انتخابات کے ذرعیے جلد استحکام نا لایا گیا تو بہت دیر ہو جائے گی۔
— Hammad Azhar (@Hammad_Azhar) June 7, 2022
Similarly, PTI leader Farrukh Habib said the dollar has crossed Rs200, and the inflation is getting out of control, “but the imported government’s priorities are to hold press conferences against Imran Khan day and night and to implement NRO 2.”
ڈالر 201 روپے کا ہوگیا پٹرولیم مصنوعات، خوردنی تیل ، کھانے والی دالیں ، ادویات سمیت تمام دارآمدی اشیا کی قیمتوں میں اضافہ ہوگا اور مہنگائی کے طوفان بے قابوہوجائے گا لیکن #امپورٹڈ_حکومت_نا_منظور کی ترجیحات میں دن رات عمران خان کیخلاف پریس کانفرنسز اور NRO 2 پر عملدرآمد کروانا ہے
— Farrukh Habib (@FarrukhHabibISF) June 7, 2022