Pakistani rupee plunges to fresh low against US dollar


KARACHI – The Pakistani rupee depreciated to an all-time low against the US dollar, closing at Rs288.43 in the interbank market on Tuesday.

The State Bank of Pakistan’s data showed that the local currency by Rs1.34 or 0.46% for second consecutive day of the business week as it registered 0.85% decline against the greenback on Monday to drop to Rs287.09.

The dollar continued to make strides against the rupee as uncertainty surrounds the revival of the loan programme with the International Monetary Fund (IMF) despite implementing the conditions laid forth by the global lender.  

Last week, Saudi Arabia assured the IMF of providing additional financial support of $2 billion to Pakistan, one of the key demands made by the global lender to release next tranche of loan to the cash-strapped country.

Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha had confirmed the development on Thursday stating the government has received indication from the IMF that it had received commitment from the kingdom regarding funding.

She said that talks are underway with the United Arab Emirates to seek same commitment before the Staff-Level Agreement with the global lender as the South Asian has already missed multiple deadlines. 

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