Pakistan rupee falls to historic low against US dollar, GDP growth expected to fall to 2.4 per cent

Days after Pakistan unveiled its budget for the upcoming financial year, its currency has fallen to record low.

Pakistani rupee touched an all-time high of Rs 157 against US dollar in the intrabank market on Friday. It has been continuously falling since the country's markets opened after Eid holiday.

On Thursday, Pakistani rupee had closed at Rs 154 against the US dollar.

The country's finance ministry has predicted the inflation to rise up to 13 per cent and Pakistan's growth to fall to 2.4 per cent, according to major publications in the country. However, as per the official Annual Plan 2019-20 of the Planning Commission, the GDP growth is targeted at four per cent and inflation is projected at 8.5 per cent for the coming year.

Pakistan Prime Minister Imran Khan recently addressed the nation and stated that the country's debt, in the last decade, has gone up from 6,000 billion Pakistani Rupees to a whopping 30,000 billion Pakistani Rupees ($205 billion).

Khan added that taxes that are gathered annually, around 4,000 billion Pak Rupees, half of it goes to pay off these debts.

"The money left after that, Pakistan cannot survive with its expenses in that money," Khan stated.

He urged the people of Pakistan to declare undeclared assets. "If we won't pay taxes, we cannot help our nation go forward," Pak PM said adding that everyone must declare their undeclared assets by June 30.