US Dollar Rate in Pakistan

As per the details shared by SBP today regarding Dollar to PKR rate. As the 1 usd to pkr  hits to 200 that is all time high in Pakistani history.

Yesterday on 18th May, 2022, the dollar rate in interbank was  on 188.39. Today on 19th May, 2022 dollar rate today is Rs.200 that is much anticipated in recent economic situation of the country.

Forex Trading Apps Banned:

State bank on 18th May, 2022, issued instruction to curb the increasing price of the dollar and warned the general public to invest in forex trading apps, websites and platforms like Octa fx and easy forex which are being operated from abroad but taking away dollars from Pakistan.

Investing in such apps is very risky. As there are heavy chances that the people have less knowledge about forex market may loose their hard earned money.  As it already has happened when such a situation arise with people money in crypto trading apps.

Further more Govt also taking measures to curb the dollar to pkr today  in Pakistan.

Govt has banned the imports of the luxurious items:

Govt has banned the imports of the luxurious items that cause dollar outflow and same affects the current account deficit.

Further the Federal Govt has engaged the forex operators in the country to formulate a plan to curb the increasing price of the dollar.

Many financial experts are saying the main reasons behind dollar price rise is the political instability in the country, payments of loans and interest in current Govt regime, increased import bill and declining foreign liquid reserves held by the State Bank of Pakistan.

What happened if it not stopped:

Govt will have to take strong measures to curb the dollar rate in Pakistan.

If it kept increasing then the inflation storm will have disastrous consequences for the dying economy of the country.

Pakistan foreign reserves held with SBP are now just for imports of 1.5 months.  If imports kept moving same like this then this may have very negative impact on overall economic situation of the country.

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