KARACHI: September 29: Pakistan economy seems getting much- needed relief due to continuous slide down of US dollar in the local market.
In the last two rules. One of Imran Khan and other of Shahbaz Sharif dollar’s appreciation had put Pakistan’s currency into severe crisis, hurting its people and economy both. In 16 months rule of Pakistan Democratic Movement (PDM) dollar sets new record of appreciation in value. This created a crisis like situation in the country.
After PDM’s ouster from the power, the army leadership decided to launch a countrywide crackdown on the currency dealers and other individuals involved in smuggling and hoarding of US currency.
As a stringent crackdown on the currency hoarders and smugglers continues in the country, dollar continues to lose its value in interbank and open market. Its producing extremely wonderful results. In the last one month or so, US dollar has lost value against the rupee massively. On Thursday, in interbank dollar shed more than a rupee and it settled at Rs 287.80 against its last day’s value of Rs 288.85 . In open market , dollar is also following the same pattern. It shed Rs 1.50 against the rupee and it settled down at Rs 288.50.
The crackdown’s positive result has put a big question mark on last PDM’s credibility. Fast down fall of dollar just with administrative measures have exposed seriousness of PDM leadership. One wonders as to why PDM government did not take any action against the dollar mafia. Thriving of business of dollar smuggling from Pakistan into Afghanistan in PDM rule is a serious matter and it could expose the mindset of Shahbaz Sharif who led PDM government for 16 months.
Like dollar, other major currencies are also losing steam against the rupee in local market.
Following are the rates of major currencies in Pakistan today.
Saudi Riyal rates have gone to Rs 76.70. It last around Rs 10 to the rupee in the last one month. UAE Dirham also moved down to Rs 80.00 . it also had gone up to Rs 90 plus in August last. Euro rates slashed to Rs 306 , UK Pound is trading at Rs 350.00. AUD rates in the local market today stand at Rs 182.00 and CAD dollar is trading at Rs 212.00. Chinese currency also lost Rs 4 in a couple of weeks. It shrunk to Rs 40.00. Last month Chinese Youn had traded at Rs 44 plus. All these above mentioned currencies have lost their value in the local market upto 15 %.
