Pakistani rupee sinks to historic low of Rs255 against US dollar,

Local currency plunges by Rs24.54 in interbank market: Country’s foreign debts multiply by over Rs2,0000 billion: Dollar jumps up by Rs12 in open market,

Miftah Said”I don’t know why Mr Dar was brought back but Mr Dar thought that he could run the country without International Monetary Fund (IMF),” Ismail said while speaking during Geo News’ programme “Geo Pakistan”.

The former finance minister said the attempt to run the country without the help of the Fund resulted in harming Pakistan, however, the government soon realised that it has no option other than embracing the tough conditions of the global lender.

“Every country is ahead of us and the reason behind it is the fault in governance,” Ismail said. He said that the governance system could never be fixed without the devolution of authority.

The politician further stated that the authorities needed to create employment opportunities for the lower class.

“We have seen the democratic system of government, presidential system, and dictatorship as well,” he said, adding that the elite system has to be abolished.

It was a freefall situation for the Pakistani rupee as it plunged to historic low of Rs255.43 against the US dollar in the interbank market on Thursday, narrowing the gap with the dollar rate in the open market,

The clouds over Pakistan’s currency market are getting darker and darker with no hope in sight as the rupee suffered 27th consecutive hammering at the hands of the US dollar in the interbank market.

The data provided by the forex dealers suggested that the greenback shot up to the historic level of 255 as it appreciated by massive Rs24.54 in interbank market and ended the day at Rs255.43.

The latest rampant surge in the value of the US dollar has multiplied Pakistan’s foreign debts by over Rs2,000 billion.

The situation was no different in the open market where the US dollar jumped up by Rs12 and was exchanging hands at Rs255 by noon,

The greenback is being bought at Rs252.50 and is being sold at Rs255 in the open market.

On Wednesday, the US dollar went up by 0.21 percent, gaining value of 49 paisas and ended the day at Rs230.89 in the interbank trading.

ECAP Chairman Malik Bostan said that commercial banks were not supplying dollars to exchange companies despite the State Bank’s directives. “The cap on the dollar rate has been removed which is why it is appreciating. It can continue to rise till supply resumes.” He urged the SBP to ensure commercial banks supplied dollars to the exchange companies.

Foreign exchange companies lifted a price cap on Wednesday, which they said caused “artificial” distortions and created a black market, where the US currency was selling at higher rates. As a result, the rupee depreciated to Rs252.5 in early open-market trade