The value of the Pakistani rupee has declined by another four percent on the interbank market as a result of the appreciation of the value of the dollar.
Between December and March, the rupee lost almost 9% of its value after the central bank reportedly refrained from intervening in response to a widening current account deficit.
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Earlier this year, in March, the US dollar had risen by Rs 4.93 on the interbank market to reach a high of Rs 115.50 before falling down when trading closed came to Rs 115.
The currency also jumped up to its record high in the interbank and peaked to Rs 116 in the open market not so long ago.
Moody & # 39; s Investors Service – one of the three largest credit rating agencies in the world – predicts that the Rupee in Pakistan could become even more valuable at 7.75% and its value could fall to Rs 125 by June next year of the dollar.
The rating agency said that a moderate but increasing level of external government debt also exposes the country's finances to sharp exchange rate devaluations. The high level of imports, mainly due to CPEC, continues to exert pressure on the external account, it added.
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