Pakistani rupee continues to slide, reaches another record low


Karachi: The Pakistani currency touched a critical threshold of Rs200 in the open market against the US dollar during intraday trading after shedding Rs2 on Wednesday (today), mainly due to the country's depleting foreign exchange reserves and high imports.
Dollar busts previous record as the rupee was quoted at 197.50/ 197.90 (10:56 PST) against the previous day’s close of PKR 195.74.
In the interbank market, PKR continues to be on slippery ground with a fresh decline of Rs2.1 plunged to yet another historic low of Rs197.25 against the greenback— despite suspected intervention by the central bank.
Finance experts regard this downfall of local currency due to two main reasons. First, due to uncertainty regarding the revival of the International Monetary Fund (IMF) loan programme. And secondly, due to the depleting foreign exchange reserves.
Moreover, an absence of direction from the government on significant economic policies as well as an unstable political situation in the country, has also led to an upward trend in the US dollar rate.
Experts stated that the surging dollar and gloomy macros will continue to put pressure on the local unit.
In the meantime, Pakistan and International Monetary Fund (IMF) are scheduled to begin review talks in Doha today for a week to discuss the release of the remaining $1 billion tranche under the Extended Fund Facility (EFF).

Four dead after speeding car plunges into Naseer Canal in Sindh
- 10 hours ago

Steelers' Heyward clarifies stance on Rodgers
- 21 minutes ago

The Trump administration could green-light deep-sea mining for the first time
- an hour ago

President Zardari admitted to hospital following health complications
- 12 hours ago
Lahore to Jeddah flight avoids crisis with swift emergency landing
- 9 hours ago
Dozens hospitalized after massive blaze on Petronas gas pipeline in Malaysia
- 10 hours ago

Microsoft tests Quick Machine Recovery to restore PCs that can’t boot
- an hour ago
Russia's Supreme Court to rule on Taliban's status as terrorist group
- 8 hours ago

Bird Buddy’s solar-powered smart feeder is $100 off
- an hour ago

Facebook’s new Friends-only feed ditches all the algorithmic junk
- an hour ago

Who's leading the Golden Boot races in Europe's top leagues?
- 20 minutes ago
Two dead, 12 injured in vehicle accident in Lower Dir
- 11 hours ago