Islamabad
\nPakistan\u2019s currency suffered a massive hit on Friday as the dollar rose to an all-time high of Rs 144, a day after the government celebrated its achievements of 100-day in office.<\/p>\n
The Pakistani currency shed Rs 10 in inter-bank trading by Friday afternoon after it was traded at Rs134 on Thursday. It opened at a high of Rs 142 in the morning and the local currency further devalued by 2 rupees to Rs 144. \u201cThere is panic in the market and buying spree is going on, but it will be addressed,\u201d an official of the State Bank of Pakistan said.<\/p>\n
Recently, cash-strapped Pakistan\u2019s negotiations with the IMF for a bailout package faced difficulties as the international lender sought the complete disclosure of Chinese financial support and hiking of energy prices and levying more taxes. Zaffar Paracha, General Secretary of the Exchange Companies Association of Pakistan, said the devaluation was expected before any agreement with the IMF. \u201cIt seems a continuation of the IMF\u2019s condition for a bailout package.\u201d<\/p>\n
Minister Faisal Vada said black marketing was the main reason for the massive devolution. \u201cBlack market of dollars was on the peak when we took over and it is still on its peak,\u201d he said, adding government steps will help the rupee to regain its value soon.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad Pakistan\u2019s currency suffered a massive hit on Friday as the dollar rose to an all-time high of Rs 144, a day after the government celebrated its achievements of 100-day in office. The Pakistani currency shed Rs 10 in inter-bank trading by Friday afternoon after it was traded at Rs134 on Thursday. It opened at […]<\/p>\n","protected":false},"author":1,"featured_media":48924,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-48923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/48923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=48923"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/48923\/revisions"}],"predecessor-version":[{"id":48925,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/48923\/revisions\/48925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/48924"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=48923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=48923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=48923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}