Nawaz Sharif Expresses Concern Over Rupee Devaluation

Dollar reached a record high of Rs 142 in the inter-bank market with an increase of Rs 8 on Friday.

Lahore (UrduPoint / Pakistan Point News – 30th November, 2018) Former prime minister and Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif has raised concerns over the devaluation of Pakistani rupee against the US dollar.

Earlier, Marrriyum Auragzeb, Shahid Khaqan Abbasi and Ahsan Iqbal had reacted as Dollar reached a historic high Friday morning.

While talking to media during his hearing at Accountability Court, Nawaz Sharif said that he is also concerned about the increase in the value of dollar.

Dollar reached a record high of Rs 142 in the inter-bank market with an increase of Rs 8 on Friday.

According to details, the value of dollar has been swiftly shifting in the Currency market; following which, the dollar was increased against the Pakistani rupee by Rs 8 and reached a new high of Rs 142.

The sudden rise of Rs 8 in the value of the US dollar is based on the government's commitments to the International Monitory Fund (IMF).

The US dollar, which was being traded at Rs 134 yesterday, opened higher at Rs 142 on Friday while the local currency further devalued by Rs 2 to Rs144.

The devaluation is set to cause an increase in inflation and interest rate, effecting investment in the country.

With a record high increase in the value of dollar, the country’s debts had also soared to Rs 760 billion.

Dollar is now being traded at Rs 138 in the interbank market after State Bank had intervened.