June 17, 2022 (MLN): Losing further ground in the interbank market, the Pakistani rupee (PKR) has dropped to 208.75 per US dollar during intraday trade, depreciating by 1.08 rupees compared to the previous close of PKR 207.67 per USD.
The local unit is being traded at 208.73/28.83 per USD [11:07 PST] while in the open market, the US dollar is available at 209/210.50.
Asad Rizvi, the former Treasury Head at Chase Manhattan said, “Let’s accept the fact that for decades the economy failed to generate sufficient income to cover the spending.”
“And the truth is that no economy can survive on fairy tales forever,” he added.
The situation is getting out of hand and the government should keep its expenses curtailed in order to arrest the depletion, Zafar Paracha, President of Exchange Companies Association of Pakistan told Mettis Global.
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