When compared to July 2018, a significant decrease of 84.95 rupees
is recorded YOY.
The analyst noted the drop in the rupee
was not unexpected since it had recovered Rs5-6 to around Rs157 in the prior week.
People are damaging own country by saying rupee
will hit 180-200 against dollar.
Pakistan Forex Association President Malik Bostan said 'market talk suggests Pakistan and the IMF have agreed to let the rupee
fall to a certain level.
The Sri Lankan rupee
which then stood at 154 rupees
against the US Dollar plunged to a new low of Rs.
Non-intervention of the country's central bank in the market operations denotes that the central bank has allowed the rupee
to slide against the greenback in a move to boost exports.
Addressing the issue of depreciation of rupee
against the US dollar, Sanyal said that even though the rupee
had witnessed a fall against the dollar, it continues to be stable against most currencies.
Capital expenditure and net lending was down 5 percent to 276 billion rupees
, giving an overall budget deficit of 345.8 billion rupees
after grants of 4.96 billion rupees
rebounded sharply against the dollar in the third trading session, reacting sharply over the reports that there is a plan to issue overseas Pakistanis saving certificates valuing $1 billion next week.
"There has been a lot of excitement among members of the Indian community here in the UAE as the Indian rupee
touched a historic low (crossing 19 to a Dirham) for the very first time ever," Sudhesh Giriyan, chief operating officer of Xpress Money Services, told Gulf News.
Analysts have predicted that the rupee
will continue to weaken in the second-half of 2018.
But the sudden fall in the rupee
value has impacted remittances inversely, propelling them by a significant 15 to 20 per cent."