LAHORE – Pakistan Muslim League-Nawaz leader Maryam Nawaz said on Saturday that the records are tumbling like never before but unfortunately for all the wrong reasons.
The former first daughter in a tweet said last week was the worst for stock market in 17 years. She termed the depreciation of Pakistani rupee against US dollar as an Economic meltdown.
“Records are tumbling like never before but unfortunately for all the wrong reasons. Last week was the worst for stock market in 17 years. Add the battering in the currency market where rupee lost 10 rupees & you would know what an ECONOMIC MELTDOWN is,” Maryam wrote on Twitter.
The value of the US dollar against the rupee touched an all-time high of Rs151 on Friday by recording an increase of Rs7.30 in the open market within a week.
In interbank market, the rate has been increased by Rs7.60 within a week and it closed at Rs149 on Friday.
With the spike in the rate of US dollar, Pakistan’s foreign debt has increased by Rs800 billion with further rise in inflation being anticipated by analysts.