Record US dollar hike causes panic in financial market, analysts foresee economic crash in Pakistan

ISLAMABAD, Pakistan: The price of US dollar has reached an all-time high of Rs 144 in interbank trading, causing a huge panic in financial market and pushing an increase of Rs 760 billion in foreign debt.

It’s for the first time in the Country’s history that the value of US dollar against Pakistani rupee has increased by Rs 10 in a day.

Sources said that the people have left selling the US dollars in the market following a sudden huge hike in its price. They said that the price of US dollar has increased by 36 percent in last one year.

Sources said that the price of US dollar may even further rise in the future, which will destroy the Country’s economy.

The President of Leather Garments Association said while talking to media that the US dollar price hike will benefit the leather industries; however, it would be detrimental to other industries and industrialists.

Meanwhile in a statement on Friday, the Spokesperson of Pakistan Muslim League-Nawaz (PML-N) Marriyum Aurangzeb said that the price hike of US dollar has testified that the government has agreed to the conditions set by International Monetary Fund (IMF).

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Marriyum Aurangzeb said that the government has made an agreement with the IMF but lied to the public. She said that the government must tell the public that on what terms, it has reached an agreement with the IMF.

US dollar price drops to Rs 140

However later after the intervention by the State Bank of Pakistan, the price of US dollar has soured to Rs 140 in interbank trading.

Sources said that the State Bank contacted the Commercial Banks and issued instructions to sell dollars to genuine buyers only. They said that money changers are now just buying US dollars, and they will wait for Monday for selling.