One of the best devaluations of Pak foreign money in Imran’s tenure – New Delhi News
The rupee witnessed huge depreciation from Rs 123 towards the US greenback in August 2018 to Rs 177 towards the US greenback in December 2021, a decline of 30.5 per cent during the last 40 months, The News reported.
This makes it certainly one of highest devaluations of the foreign money within the nation’s historical past. The solely different larger devaluation occurred when Dhaka fell and Pakistan’s foreign money was devalued by 58 per cent from Rs 4.60 to Rs 11.10 towards the US greenback in 1971-72, the report mentioned.
Experts say this huge devaluation of foreign money underneath the PTI authorities fuelled inflationary pressures, including that two main components contributed to the value hike.
First, the costs of meals and commodities in addition to gasoline costs skyrocketed within the worldwide market, and second, the depreciation of the change charge by 30.5 per cent additionally led to larger inflation.
An evaluation of regional currencies versus the US greenback reveals that the Pakistani foreign money skilled huge depreciation in comparison with others, the report mentioned.
The Indian rupee stood at 75.39 towards a US greenback. The Indian rupee stood at Rs 70.09 towards the US greenback in 2018, Rs 73.66 in December 2019, Rs 74.53 in March 2020 and Rs 74.57 in April 2021.
In the case of Bangladesh, the Bangladeshi Taka stood at 85.76 towards the US greenback and it hovered round 84 to 85.9 on a median during the last two years.
Meanwhile, the Pakistani rupee continued to fall in worth and stood at Rs 177 towards a US greenback in December 2021. It depreciated sharply from Rs 123 to Rs 177 towards a greenback during the last three years and 4 months.
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