On Thursday, the US Dollar reached a significant milestone, exceeding Rs. 300 in the interbank market against the Pakistani Rupee. This surge signifies a substantial rise of Rs. 100 within a span of 15 months. During the early hours of Thursday, the exchange rate for the dollar stood at Rs. 300.37. Just earlier this week, the Pakistani Rupee had slipped to Rs. 299.64 in comparison to the US Dollar due to consecutive setbacks.
Amidst Pakistan’s ongoing struggle with a severe economic crisis, the domestic currency is under intensified pressure. This pressure stems from a heightened demand for the USD, which has surged due to the relaxation of import restrictions and growing concerns about financing Islamabad’s current account deficit.
This situation presents a grave and challenging scenario for the country’s economic standing.
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