Rupee plunges to record low of 142 against US dollar

Karachi: US dollar has hit Rs142 against Pakistani rupee in the interbank market,setting a new record on Friday.According to Geo News, dollar was trading at 142 after gaining  Rs8. Experts  attributes Pakistani rupee’s persistent weakness to balance of payment crisis and falling foreign exchange reserves.Muhammad Sohail, an Economic Expert, said in the coming weeks rupee could slump to as low as Rs150.With the devaluation of rupee, the external debt on Pakistan swelled by a staggering Rs 760 billion, according to Geo News.The development comes a day after Pakistan Tehreek e Insaf government  presented its 100 day performance.The devaluation is set  to  cause an increase in inflation  and interest rate , effecting investment in the country.Samiullah Tariq, another economic, expert told Geo News that  the government is expected to expedite talks with IMF for bailout package .

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