Despite all the measures taken by the government, the rupee continues to depreciate.
According to Express-News, despite the government’s policies, the rupee continues to depreciate in the currency market. On Tuesday, the value of the Pakistani rupee against the US dollar reached a new low in the country’s history.
At the Interbank Foreign Exchange (IFEX), the US dollar rose 40 paise to a high of Rs 170 on Tuesday. Rs 20 paise has also been observed.
Economists say that the dollar continues to appreciate due to the widening current account deficit, the rise in the value of the dollar will make imported goods more expensive, which will lead to a storm of inflation.
It may be recalled that a few days ago, the SBP had banned loans provided by banks for imported vehicles. The maximum term of a car loan has been increased from seven to five years and the down payment for a car loan has been increased from 15% to 30%.