“Historic incompetence and failure engulf Pakistan,” she wrote.
Islamabad (Pakistan Point News – 26th June, 2019) Pakistan Muslim League-Nawaz (PML-N) vice president Maryam Nawaz has reacted to the historic devaluation of Pakistani rupee against the US dollar.
The US Dollar has reached a historic high of Rs160 in in interbank market.
Commenting on this in a tweet, Maryam Nawaz said, “Dollar soars to Rs.160.5 interbank. Pak economy at the verge of total collapse. Damage caused by Naalaiq-e-Azam will be irreparable.”
In another tweet, she said that only in the month of June, dollar has gone up by 13.58 adding 1325 billion to our debt.
“Historic incompetence and failure engulf Pakistan,” she wrote.
The US dollar gained Rs3.20 in the interbank market on Tuesday, taking it to a record high of Rs160 in the interbank market.
According to forex dealers, the US dollar increased from Rs156.98 to Rs160 at the start of the trading day.
The interbank rate is the benchmark rate to determine the value of dollar and sets the direction for open market rates. Since open market or cash market rate usually remains higher than the interbank rate, the open market is likely to follow a similar trend.
Within just a week, the greenback spiked to new tops with a massive increase of Rs8.25, which in consequence has soared Pakistan's external debts by Rs820 billion.
In the previous week, Pakistani rupee was depreciated by 4.9 percent against the US dollar as the greenback gained Rs7.25 and touched another historical high.
In the interbank market, the US dollar closed at Rs155.85 on Friday, which in consequence had raised Pakistan's external debts by Rs725 billion.
In the open market, the US dollar closed at Rs157.50, which in turn increased prices of goods, and hardships for the general public.
