Pakistani currency hits record low amid political uncertainty
2008-08-18 12:56:31 (GMT) (Caymanmama.com - Pakistan News News)
Islamabad (CaymanMama.com) — The value of the Pakistani rupee depreciated further against the US dollar today. It dropped hitting the floor level of Rs.76.9 against US $1. The value of the rupee has fallen by 23% during the current year. With ballooning inflation and with a widening budget deficit and foreign reserve falling, the country’s economy is in a panic situation, which the central bank of the country has failed to control.
The President’s impeachment has worked as an icing of the cake. It has added to the uncertainty inside the political arena and business arena.
The new reports about resignation by the President of Pakistan has further weakened the business and economic air of the country with people glued to their television sets to hear any news about the ongoing tug of war between the political set up and the President. The next 48 hours are considered crucial for Pakistan as Saudi’s are brokering a deal in favor of the President so that he can get a safe exit. Musharraf received a message from the Saudi King advising him to step down and avoid impeachment and possible court trial.
CaymanMama.com - Press Release Distribution Service
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