The US Dollar has soared again on Tuesday amid the political instability. According to the Forex Association of Pakistan, the dollar fell to Rs185.5 in the interbank market at 1:39 pm, down Rs1.1. The rupee had ended at 186.60 to the dollar on Monday, after recovering from 188.18.
Meanwhile, the Pakistan Stock Exchange (PSX) has soared by 200.71 points so far, crossing 46,345 points.
ust a day ago, on Monday, PSX also soared by 1700.38 points, resulting in a positive trend in business. The index opened at 44,444.58 and closed at 46,144.96 points, up by 3.83 per cent.
At the close of trading on the Forex Association of Pakistan, the US dollar depreciated to Rs186.60, while in the open market, it depreciated by three rupees to Rs185.
The political instability has exacerbated the country’s economic woes, as the rupee plunged to an all-time low against the US dollar Thursday. Michael Kugelman, a South Asia expert at the Washington-based Woodrow Wilson Center for Scholars, told DW that Pakistan is likely in for a rude awakening. He said the government faces a terrible economic mess.
Meanwhile, economic expert Khurram Husain said a massive economic meltdown is staring the country in the face and the road to stability is still a long one.
In a statement, newly-elected Prime Minister Shahbaz Sharif said his government would focus on reviving a troubled economy.
“The economic challenges are huge and we need to make a way out of these troubles. We will have to shed sweat and blood to revive the economy,” he said.
Sharif said his government will speed up Beijing-backed projects in Pakistan. The projects are being carried out under the $60bn China-Pakistan Economic Corridor (CPEC), a part of Beijing’s Belt and Road Initiative.
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