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.
The
rupee 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."
