Pakistani rupee succumbs to political chaos
The domestic currency opened at 104.95 but immediately hit the top of 106 to dollar.
KARACHI (Dunya News) - Pakistan rupee lost three percent in single session where the currency reached to almost 44 month low level against the green back due to political uncertainty in the country.
The domestic currency opened at 104.95 but immediately hit the top of 106 to dollar, but speedy slide created panic and in small time it reached to roof and trading around 108.50 to dollar.
According to an analyst, dollar last time witnessed on same level during December 2013 when the economic worries gripped the country. However, current the situation has been different, the Panama which lead to formation of JIT, sent jitters to the economic punters.
Moreover, the widening of current account deficit which ballooned to 8.9 billion dollars in the 11 months of the current fiscal year, breaching the full year target of 8.4 billion dollars, sent shivers to investors.
Revenue collection also suffered short fall which to widen fiscal deficit.
“If State Bank arrives Thursday to rescue the rupee, the slide would stop otherwise it might show another quick fall”, said an analyst.
