Observer Report
Karachi
The incumbent government’s efforts to put the country’s economy on the path of stability seems to be bearing fruit as the United States dollar fell on Tuesday blew the Rs160-mark against the Pakistani rupee in the currency market for the first time during the last five months.
According to forex dealers, the greenback today depreciated by Rs0.13 to Rs159.98 against the local currency in the inter-bank market, reaching a five-month low. The US dollar had finished at Rs160.11 against the Pakistani rupee the other day. The Pakistan Tehreek-i-Insaf government had put in place the market-based flexible exchange rate system after four years of a fixed value. As Pakistan transitioned to the market-determined exchange rate, the rupee saw itself plummeting to a historic low of Rs168 earlier this year.
