Sharp fall in value of Pak rupee
From Our Special Correspondent NEW DELHI, JUNE 17—Islamabad’s financial crisis is clearly reflected in the sharp fall in the value of the Pakistani rupee in the international market.
As against the official exchange rate of Rs.4.76 (Pakistani) to an American dollar, the value of the Pakistani rupee fell as low as Rs.20 to a dollar in the unofficial exchange market in Honkong on June 11, according to quotations published in the American weekly, Newsweek.
The fall in the value of the Pakistani rupee is attributed to Islamabad’s heavy drain on foreign exchange caused by its war in Bangladesh and the decline in the country’s exchange earnings through jute aid tea exports.
When General Yahya Khan began his military operations in Bangladesh, an American dollar was quoted in the unofficial exchange market in Honkong at Rs. 10.75 (Pakistani).
Reference: Hindustan Standard 18.6.71