The value of any currency is significantly stable in international markets if the country’s economy is stable. In the last few months, the rupee has nosedived. On May 12, the exchange rate for the dollar was Rs152, while on October 14, the rupee had dropped to around 171. During the same time, the currencies in the region dropped only slightly. It is projected that by 2022, the dollar will rise to Rs180.
In just three months – from July to September – Pakistan’s trade deficit reached $11.6 billion, which was a 100 percent increase from the increase last year. Simultaneously, imports also increased. The biggest impact of the increase in the cost of the dollar is that it has driven up the public debt by around Rs3 trillion. The authorities concerned should take concrete steps immediately. How long will the country navigate these dangerous waters alone?
Muhammad Amin
Kech
