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Markets

US Dollar reaches the highest level in history against PKR

The latest increase in dollar value has hiked the debt burden on the country by billions of rupees. Investors
Updated 26 Mar 2020
  • The latest increase in dollar value has hiked the debt burden on the country by billions of rupees.
  • Investors are withdrawing their money from Pakistan due to the central bank’s interest rate cut by 1.5 percent in the latest policy cut

The US Dollar continued its impressive run against the Pakistani Rupee in the currency market, after the USD value increased by Rs5.90 at interbank reaching the highest level in history at Rs167.50.

The value of the US Dollar has been rising against PKR for the past three days, USD rose to Rs162 after a rise of three Pakistani rupees at the interbank on Wednesday.

The latest increase in dollar value has hiked the debt burden on the country by billions of rupees. As per details, foreign investors' withdrawal of domestic loans and short-term investments from stock markets led to a decline in the value of the rupee.

According to economic experts, investors are withdrawing their money from Pakistan due to the central bank’s interest rate cut by 1.5 percent in the latest policy cut announced just days ago, which is causing the dollar to become expensive.

Meanwhile,  SBP Governor Dr. Reza Baqir, in a recent press conference said that globally foreign investors are taking precautionary measures and divesting investments from government securities to the dollar, which seems the most secured investment.

Foreign investors divested some $1.8 billion investment from the government debt instruments during this fiscal year (FY20). Economists said that the global markets are witnessing disintegration due to COVID-19 panic and foreign investors are offloading their portfolios irrespective of asset class of geography.