Economy
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2023 Become Worest Year For Pakistani Rupee

The financial year 2023 has become the worst year for Pakistani rupee in the country’s history. All the records of the increase in the value of the dollar have been broken, the value of the Pakistani rupee has decreased by 28% during the current financial year.
According to the details, Arif Habib Limited has issued a report regarding the devaluation of the Pakistani rupee during the financial year 2023, in which alarming revelations have been made.
According to the research of Arif Habib Limited, the value of the Pakistani rupee has fallen by 28 percent by the end of the current financial year 2023.
on Wednesday 28 june, the last business day of the current financial year one dollar was equal to 286 Pakistani rupees in the intermarket.
This is the third fiscal year in a row in which the rupee has depreciated against the dollar.
During the fiscal year 2022, the rupee depreciated by 22 percent and one dollar was equal to 204 Pakistani rupees that year.
It is now estimated that during the new fiscal year which will start from July 1, the value of the rupee will further depreciate by 10 to 12 percent and one dollar may be equal to 320 Pakistani rupees.
The 28 percent depreciation of the rupee during 2023 is the largest ever, due to pressure on external debt repayments that led to a reduction in foreign exchange reserves, while the suspension of the IMF program led to foreign capital outflows.
Fears have been expressed that if the IMF program is not restored by the end of June, then the value of the rupee will remain uncertain and continue to depreciate.

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