Not more than a week after the IMF deal, the value of the US dollar against the rupee touched another all-time high for the second consecutive day, reaching approximately Rs.148 during interbank trading, before closing at Rs147.10.
Yesterday, it touched Rs.146.25, and later came down by Rs.2.25 closing at Rs.144.The devaluation of rupee comes a day after Prime Minister Imran Khan constituted a committee to control the devaluation of the local currency and capital flight from Pakistan.
There is a strong demand deficit of dollar in the market, and the exchange companies are unable to cope up with it.
Amid the speculations in the market, the rupee is expected to diminish much further. Anticipated devaluation of rupee to Rs.165-170 is attracting investments in the dollar, which is increasing its demand as well.
The Pakistani rupee is continuously depreciating since November 2017 when the dollar was valued at Rs.105. Current fluctuations are said to be the outcome of the 39 months IMF loan program worth 6 billion USD.