In the recent unexpected turn of events, dollar has discovered that due to height phobia, it is not going to go high anymore and let rupee take the lead. A few days back, dollar price was rising on almost daily basis which consequently devalued rupee. Inflation alarms were set free, everyone looked at each other with eyes filled with fear of an uncertain future. Although, the future remains uncertain but with a little bit of certainty that now things are going to be streamlined. Thanks to the power puff girls… aa……oh… Not them but dollar. Dollar continuous decline has given relief to some.
As of today, dollar’s price against rupees is PKR 228.26. For middle class and lower class it’s a moment of relief. With skyrocketing dollar, prices of basic commodities also saw a massive increase. On one hand where it became burdening for salaried class, the freelancers community on the other hand greatly benefited from the situation. Nevertheless, the scales have now shifted in the favor of the lower income people.
Up till now dollar has experienced a reduction of Rs 13, with trade being carried out at Rs 225.50 in the open market. This toll was witnessed the day after IMF announced that the country has successfully implemented the last condition by raising taxes on fuel prices.
Just IN: Pakistan rupee makes historic single-day recovery of 12 PKR against US dollar. Now trading at 226 rupees.
— South Asia Index (@SouthAsiaIndex) August 3, 2022
With dollar’s free fall against rupees, people are now waiting to witness a boom in the economy and startup ecosystem. The whole twitter is filled with tweets and minute by minute report of continuous decline of dollar.
Time to work for Pakistan. Slogan is export, export and export. With rupee at 230 for dollar, everything made in PAKSITAN is price competitive. So entrepreneurs, look outwards. And work hard.
— Almas Hyder (@AlmasHyder) July 26, 2022
For once at least (in contemporary times), rupee is leading the scenes which is great victory for all of us.
Free fall for Dollar as rupee gains 9.38 currently trading between 232-233. Forex Association President tells me that the dollar will go back to 225 level and will fall around 200 when Pakistan receives IMF tranche by this month end
— Mubashir Zaidi (@Xadeejournalist) August 3, 2022