KARACHI : Dec 13,2022: The volatility of currency market is at the peak.
US dollar remained bit stable in interbank on Tuesday , but all other major currencies remained bullish against the rupee.
US dollar’s value remained stable and it closed at the last day’s rates of Rs 224.70 in interbank . In open market US dollar rates also remained unchanged . US dollar remained at its last day’s value in open market of Rs 231.70.
Other major currencies including euro, pound sterling , Saudi Riyal and UAE dirham remained bullish on Tuesday
Saudi Riyal made a gain of 35 paisa on Tuesday and it closed at Rs 63.70 at the end of day trade in currency market . UAE dirham jumped up by major margin . It closed at Rs 66.70 against its last day’s value of Rs 66.70.
Euro and pound sterling gained in a big way. Both jumped up more than Rs 2 in value at the end of working session on Tuesday .
Euro jumped up from Rs 250.50 to Rs 252.50 and pound sterling increased from Rs 290.10 to Rs 292.80, showing gain of Rs 2.70 in just one day.
The rupee is under pressure and it has obvious reasons . First, sharp decline in forex reserves is its basic reason. Second , the politically motivated campaign that Pakistan was heading for a default .
Pakistan’s reserves have gone as low as $ 6.7 billion and with such a low Forex reserves the rupee can not remain stable in the currency market.
But more than its Forex reserves issue , Pakistan is suffering for a panic style politics .
Pakistan Tehreek e Insaf (PTI) is using every tactics to make sure that Shahbaz Sharif led government does not get a credit to steer Pakistan out of the current economic crisis . Its leadership is not missing any opportunity to issue political statements to create rukus in Pakistan . Imran Khan himself is using different tactics to create an impression in the public that Pakistan is going to face economic default . Unfornately if a man who was a prime minister of a country and he uses such cheap tactis for political gains how can such a country remain stable in particular economically .
Pakistan is among those unlucky countries where politics dominates national interest. Had an ex premier of a country where the rule of law exists done what Imran Khan has done with this country he would have paid huge price for it.
Unfortunately, Pakistan state institutions, particularly, judiciary has failed to rise to the occasion and take such characters by horns to protest the country’s survival ,
