ISLAMABAD
\nThe US dollar has refused to budge down as it continued its upward trajectory by gaining Rs1.69 in its value in the interbank trading on Friday.
\nAccording to forex dealers, during the trading session, the US currency was appreciated by Rs1.69 reaching the historic high of Rs228.50 by noon in the interbank trading. Yesterday, the greenback registered an increase of Rs1.89 and closed at Rs226.81.
\nThe American currency has shown literally no mercy this week and continues thrashing the local currency with multiple shocks as it has gained Rs16.50 in four days of current business week.
\nFinance Minister Miftah Ismael said that the situation will move towards normality after improvement in the political situation in the next few days as rupee continued its downward spiral unabated against the US dollar and hit the 226 mark on Wednesday.
\nAddressing a press conference in Islamabad, Miftah Ismail said the dollar has appreciated against other currencies of the world as well. He, however, said the recent dip of the rupee against the dollar was due to the political situation in the country.
\nThe minister pointed out that the trade deficit was $48 billion and the current account deficit stood at $17bn during the last fiscal year, which, he stressed, the country cannot afford.
\nIn his presser yesterday, Defence Minister Kh Asif attributed the rupee\u2019s downfall \u2014 which has plunged to 227 to the dollar from 204.85 on June 30 \u2014 mainly to US currency\u2019s appreciation against other currencies, saying that the dollar had touched a 20-year high.
\nOn the other hand, FAP Chairperson Malik Bostan attributed the rupee\u2019s consistent decline in the last five sessions to \u201cpolitical chaos\u201d and the rise in the dollar\u2019s value in the international market.
\nHe also called upon the State Bank to take strict action against banks involved in \u201cspeculation\u201d so the \u201cartificial increase\u201d in the dollar\u2019s price could be stopped.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The US dollar has refused to budge down as it continued its upward trajectory by gaining Rs1.69 in its value in the interbank trading on Friday. According to forex dealers, during the trading session, the US currency was appreciated by Rs1.69 reaching the historic high of Rs228.50 by noon in the interbank trading. Yesterday, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-272960","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n