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US dollar crosses 188 as political crisis continues

Against the backdrop of a political crisis engulfing the country, the US dollar crossed 188 on Thursday leading to...
Updated 07 Apr, 2022 05:06pm
Business
The dollar seems to hit new all time highs. File photo
The dollar seems to hit new all time highs. File photo

Against the backdrop of a political crisis engulfing the country, the US dollar crossed 188 on Thursday leading to concerns that the Pakistani rupee was in free fall.

Social media users turned to Twitter to express their fears about the state of the economy.

Just a day earlier, the dollar hit an all time high at 186.13 and fears were growing that it would continue to climb.

Sure enough, those fears turned into reality on Thursday where the rupee was trading at Rs188.35 in the interbank market, down Rs2.22 from yesterday's close of Rs186.13.

According to Geo, "The rupee has continued a non-stop downward streak for the 17th successive working day, except on March 24 when it closed flat compared to the previous day’s closing."

Since the day of the no-confidence motion against Prime Minister Imran Khan was filed on March 8, the PKR has depreciated by over Rs10.

Many also took the opportunity to comment on the legacy of Imran Khan.

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