KARACHI: March 2,2023: Negative news had caused a D day for the rupee in currency market as it is experiencing a free fall against US dollar .
In just first half of today’s session, in interbank the rupee lost around Rs 17.50 to a dollar and at around 11.20 AM local currency is trading at Rs 284 against its last day’s closing value of Rs 266.50 and Rs 267.50 buying and selling respectively.
Same trend is continuing in open market where the local currency is facing a bloodbath like situation . By 11.20 AM today, the rupee is down by Rs 16 to a US dollar. The rupee is trading at Rs 287 today in the first half of the day’s trading session against the green back.
The currency dealers do not see any recovery of the rupee at least today as all sentiments in the market are in negative zone . The currency dealers say negative reports about Pakistan were a major cause of major loss to the rupee .
Pakistan has lost credibility as Moody’s and other rating agencies are posting it’s outlook as highly risky and prone to an imminent default.
The present government is solely responsible of bringing Pakistan to the knees economically and push it in a dangerous zone.
The Pakistan Democratic Movement (PDM) government led by prime minister , Shahbaz Sharif, has done the most incompetent decisions on economic front in the last 10 months and instead showing some seriousness it dolled out pubic money in billions for pleasure trips of the ministers and advisors .
Mr Shahbaz Sharif has appointed a 85-member cabinet when the country is facing a default. No one in international scenario takes Shahbaz Sharif seriously when he speaks for Pakistan’s financial difficulties .
The International Monetary Fund (IMF) too shrugged off all requests of Shahbaz Sharif for giving Pakistan a bail out to stop its economic meltdown. IMF too has gathered impression that Shahbaz government has no authority and its commitments were of no credibility to trust and help Pakistan with a bailout package. No one helps a country which faces economic crisis and its prime minister appoints a 85-member cabinet for just having pleasure trips to abroad.
Today’s bloodbath in the currency market is enough to mock the performance of prime minister , Shahbaz Sharif , and PDM leadership in the last 10 months.
