The dollar and euro became equal against the Pakistani rupee

The dollar and euro became equal against the Pakistani rupee

Karachi (Monitoring Desk) The Pakistani rupee as well as the euro is depreciating sharply against the US dollar, for the first time in 20 years the dollar and the euro have equaled against the Pakistani rupee. ۔ According to the news website ‘ProPakistani’, the rupee depreciated by 1.04 per cent in the interbank market yesterday, taking the dollar to Rs 210.25.

According to private TV channel Geo News, this is the first time since December 2002 that the euro has fallen sharply to the US dollar. The European currency has depreciated by more than 12 percent over the past year. Analysts say the euro has depreciated in recent days due to economic problems. Russia has shut down a gas pipeline for 10 days this week, leading to a sharp rise in energy prices. In addition, the US Federal Reserve has raised interest rates. These factors are also contributing to the devaluation of the euro.

The Pakistani government has announced a reduction in the prices of petroleum products, yet the rupee is depreciating sharply instead of recovering. Last Tuesday, Prime Minister Mian Shahbaz Sharif in a tweet ordered the Ministry of Petroleum and the Ministry of Finance to pass on the reduction in global oil prices to the public. In view of the Prime Minister’s directive, it is being speculated that the prices of petroleum products may come down by Rs 20-25 per liter from July 15.

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