Rupee witnesses major setback against foreign currencies

The Pakistani rupee witnessed a major setback in terms of trading against the major foreign currencies including the US dollar and British pound in the local currency market on Tuesday. According to a survey conducted by Business Recorder of local currency markets, the Pak rupee witnessed an approximate decline of over Rs 3 against the US dollar as it was being bought and sold at Rs 113.00 and Rs 115.00 as compared to the last closing trend of Rs 111.37 and Rs 111.65, respectively.
However, some currency dealers were selling the US dollar at Rs 115.50. Among them, some dealers closed down their selling counters for further trading which created great resentment among many potential buyers. Similarly, the national currency also registered a considerable decline against the pound sterling which was being bought and sold at Rs 157.20 and Rs 158.50 as compared to the overnight closing of Rs 155.20 and Rs 156.20 respectively.
Talking to this scribe, Muhammad Imran, a buyer at a local currency shop, criticised the ruling Pakistan Muslim League-Nawaz (PML-N), saying the politicians have miserably failed to control the devaluation of the local currency. "I was unable to find a shop from where I can get US dollars at reasonable price in exchange of the Pak currency," he said, adding some currency dealers had closed down their selling counters immediately after the sudden hike in the value of the US dollars and British pond. The sudden devaluation of Pak rupee created panic among people by and large, Imran maintained.
Wajid Rizwan, another buyer, also criticised the government saying the people were expecting some relief from the ruling PML-N as it likely to present its last budget but their bad governance has not only increased the prices of petrol and its related products but also devalued the national currency. All Pakistan Anjuman-e-Tajran President Khalid Pervaiz also expressed similar views during a brief conversation with Business Recorder and said the devaluation of Pak rupee has not only affected the businessmen badly but will also wipe out new investors from the country.
To a query, he said Pakistan is now in an uncertain situation and the ruling government should look into the matter cautiously. He termed the devaluation as the major setback to the economy of the country, adding all political parties should now think seriously for the betterment of the country after avoiding their mutual concerns.