In Pak PM Imran Khan-led govt's tenure, rupee fell by 30.5%, says report

If a report is to be believed, the value of the Pakistani rupee against the US dollar seems to have fallen by 30.5% in PM Imran Khan-led government's tenure.  

Over the last 40 months, the rupee has witnessed massive depreciation. In August 2018, it was Rs 123 against the US dollar and in December 2021, it is Rs 177, a report in ‘The News’ said.   

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In the country’s history, this is one of the highest devaluations of the currency.   

Earlier, the only other higher devaluation had occurred during the birth of Bangladesh. At that time, Pakistan’s currency was devalued by 58%. It went from Rs 4.60 to Rs 11.10 against the US dollar in 1971-72.  

The currency’s recent devaluation has been dictated by the IMF through prior actions and nothing to do with macroeconomic fundamentals, feel independent economists.   

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The currency’s massive devaluation has led to inflationary pressures, said experts. Two major factors contributed to the price hike. First one was the prices of food, commodities and fuel skyrocketed while the second was the depreciation of the exchange rate by 30.5%, which led to higher inflation.  

(With inputs from agencies)