Furore created from Delhi to Islamabad, 'rupee' against the dollar - Newztezz Online


Tuesday, August 22, 2023

Furore created from Delhi to Islamabad, 'rupee' against the dollar

Be it India or Pakistan, there has been a decline in the rupee of both the countries against the dollar. The condition of Pakistan's rupee is worse. This year it has seen a decline of more than 20 percent and may soon cross the 300 level.

From New Delhi to Islamabad, the dollar has wreaked havoc on the rupee. A few days ago, India's rupee reached a record low and closed at 83.10. Tuesday means today Pakistan's rupee has reached record low. Pakistan's situation is worse because within 103 days, Pakistan's rupee has set a new record of falling against the dollar.

Dollar is the strongest currency of the global economy and if the value of another country's currency is less in comparison to it, then there is a deep impact on the economy of that country. At present, in the midst of the global economic recession, India's condition is much better than other developing countries of the world, but Pakistan's economy is already very bad and the current situation is quite pathetic. Let us first talk about the currency of Pakistan and see where the currency of Pakistan and India is standing against the dollar.

Pakistan's currency at record low

On Tuesday, Pakistan's rupee fell 0.6 percent to a record low of 299 against the dollar in the Interbank market. In fact, the caretaker government of Pakistan is struggling to stabilize the troubled economy, due to which the country's currency is seeing a continuous decline. Earlier, Pakistan's rupee had reached a record low level of 298.93 on May 11, 2023. This means that Pakistan has set a new record within 103 days. According to experts, Pakistan's rupee can soon cross the level of 300 rupees.

Condition of indian rupee

On the other hand, the Indian market has not closed yet, but the condition of the Indian rupee against the dollar is also bad. If you look at the figures, at present the Indian rupee is trading below Rs.83 against the dollar. A few days ago this record was closed at a record low level of Rs 83.15. In the current year, the Indian rupee has come down by 0.24 percent against the dollar. Whereas in the current financial year it has fallen by one percent.

Pak currency will fall further

Anuj Gupta, Head of Commodity and Currency at HDFC Securities, told that Pakistan's rupee has come down by more than 20 percent in the current year and its outlook is very bad in the coming days. This figure can be seen crossing 300 in a few days. The effect of which will also be visible in the economy of Pakistan. At the same time, he said about India's currency that India's forex reserve is more than $ 600 billion, due to which there is no possibility of Indian falling further. Even in the current financial year, the Indian rupee has depreciated by one per cent.

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