Just moments ago people took to Twitter in astonishment as they noticed the drastic decline in current dollar rate. Pakistanis have been left bewildered by the sudden drop in USD price which is currently being shown to be only 76.25 PKR on Google. This is almost half of what the value was just yesterday at 139 PKR. Currently, no one seems to be sure as to what is happening or if the rate shown by Google is even legitimate. It could very well be that the search results are experiencing some sort of a glitch. However, nothing is certain as of now.
We are awaiting an official response from the government. It is highly unlikely for USD rate to sink by almost half the price overnight. If you head to Google right now and search for USD price, it will show the following result.
While the reason for this drastic depreciation is not quite clear at the moment people have already started to put forth their theories. Some have stated on Twitter that the decline is in response to the government shut down that is going on in the USA right now. However, the shutdown has been in effect for more than a week now so a question could be asked as to why only now are we seeing its effects on the US Dollar, that too in a matter of minutes.
Others have tried to make a connection between Theresa May’s Brexit deal that was rejected today in the house of commons. However, that too is mere speculation and no major news agency has yet reported on the deal’s failure and its economic consequences on different currencies.
The confusion escalates, even more, when we check the Forex website for real-time USD price. There, the price is the same as yesterday which is around 139 PKR
We will wait for further reports on the issue. It is only a matter of time until an official clarification is released by the respective department of the Government. We will keep you posted as this story develops.