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Dollar knocks off Rupee and PM Imran Khan is watching over helplessly

Dollar knocks off Rupee and PM Imran Khan is watching over helplessly

By Raza Ruman

Prime Minister Imran Khan woke up yesterday and switched on TV.
What he saw …. US dollar appreciated against Pak Rupee more than 10 per cent. Suddenly he got angry that this time again he was not consulted that per dollar jumped from Rs154 to Rs166. He showed his anger and picked up his phone and called his economic team asking why rupee lost it’s value, why I am not told prior to this as I always come to know through TV.

Our poor PM is helpless cannot help out weak rupee. After all dollar is very strong. The PM what can you do else except taking U turns …everyone in the country is asking.

The appreciation of the US dollar has risen by 10.5 per cent against the rupee in the last four months touching one-year high. And no where the government of Khan is seen.

Currency dealers, experts and analysts have many reasons for the steep fall in the local currency value against the US dollar, but they said there was no intervention from the State Bank of Pakistan (SBP) to stop this devaluation to bring stability.

In the interbank market the US dollar’s closing rate as provided by the SBP was about Rs167 while bankers said the price remained higher during the session.

Bankers and currency dealers were trying to understand why the rupee has been falling against the US dollar since May as the country’s foreign exchange reserves have grown rapidly with State Bank of Pakistan’s holdings soaring to an all-time high.

Bankers say SBP hasn’t intervened to check local currency’s slide
Wake up Mr PM to help strengthen our poor rupee before it’s too late. PAK DESTINY

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