Web Desk (LTN NEWS): Countries like Pakistan can’t imagine their economies without dollars, but that’s where things are going fast, and policymakers either don’t know what to do or are just waiting for the economy to fail.
The governor of the State Bank of Pakistan (SBP) told the country that the problem is being exaggerated, but he also said that dollar outflows have left the central bank with no money. Only on July 22, $754 million went out of the SBP reserves, bringing the total down to $8.57 billion, which is only enough to pay for imports for five weeks.
US Dollar rate increases hike to 246 PKR. The buying rate is 246 PKR. The selling rate is 250 PKR.
The local currency lost 14.14 percent of its value against the US dollar in July, which was the worst month of the new fiscal year (FY23). Since May of last year, the rupee has lost 36.38 percent of its value.
What’s more important is that the calculations are based on official dollar rates reported by the State Bank, but the actual rates are much higher than those reported.
The rates are provided by local Forex Market and Local exchanges of Karachi, Lahore, Rawalpindi, Peshawar, Quetta, Faisalabad, Multan, Gujranwala, Sialkot, and Islamabad.
