Very expectedly, US dollar has climbed to its highest value of Rs.149 today morning in interbank market. The rupee continued to drop down in value which might be due to the IMF bailout package.
There were rumors since last month that dollar price will rise as per the commitments done with IMF for the bailout package. All the rumors came true when the Rupee devalued further today.
According to some economists, the investors have bought the dollars from market which resulted in its shortage and increased price, however, it is a very alarming news for all Pakistanis.
In the open market, US Dollar is short and being sold at a price of Rs150 where available. Pakistani Rupee has performed worst among the 13 currencies of Asia in the past year and plunged more than 20%.
According to State Bank of Pakistan officials, there is a no chance of the dollar coming down until the foreign exchange reserves situation improved.
The inflation rate is expected to increase more and the cost of everything will increase in coming days however, the salaries will remain the same.
There is a lot of anger among public and they are heavily criticizing current government and blaming their policies for this sudden devaluation of Pakistani currency.