Pakistani rupee depreciates once more against US dollar - Rs128.40
- By Sunaa Ansari -
- Jul 17, 2018
KARACHI: Pakistani rupee once again depreciated against US dollar by 40 paisa, just after the day dollar price augmented by Rs6.
The rupee showed downward trend by 5.7% against US dollar on Monday, resulting in augmented downgrading of exchange rate to 18.7% from the past several months since December 2017.
On Monday, the dollar price swelled to Rs128 in the interbank market, it is observed that the value is amplified by around 5.3% from 13th July 2018, previously the worth of US dollar was Rs121.46. However, on Tuesday the US dollar illustrated rise of Rs128.40.
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According to State Bank of Pakistan (SBP) statement, “This movement in the exchange rates reflects the demand-supply gap of the foreign exchange in the interbank market.”
The trade deficit of Pakistan has enlarged to $37 billion, comparatively the imports are elevated 2.5 folds than imports, resulting in extreme trade deficit.
Majority exchange associations rejected to sell US dollar, as it was dumpy in the open . According to dealers projections, the market is likely to accept the assurance with the new dollar price, till there is no subsequently deflation arrangement.