BusinessDollar Hits Double Century Against PKR in Interbank

Dollar Hits Double Century Against PKR in Interbank

KARACHI: The Pakistani rupee drooped to a new historic low against US dollar within the interbank market on Thursday as the greenback picked up Rs1.61 in intraday exchanging to reach an all-time high of Rs200, ARY News detailed.

Concurring to the Forex Association of Pakistan (FAP), the US picked up Rs1.61 within the interbank market from the past day’s near of Rs198.39 and climbed to Rs200 around 11:30am.

The forex dealers said that US dollar within the open market is additionally trading at over Rs200.

US Dollar hits double century against PKR, Reaches Rs 200 

When the PM Shehbaz Sharif-led coalition government took over on April 11, the dollar was esteemed at Rs182.3. Since at that point, the rupee has lost Rs18 of its esteem.

IMF Discussions:

Pakistan opened much postponed talks with the International Monetary Fund (IMF).

On Wednesday to continue a seventh survey of the $6 billion rescue package agreed in 2019.

“Talks with the IMF mission started today,” a declaration from the finance ministry said.

It said a team directed by Finance Minister Miftah Ismail and the central bank’s acting governor will join the talks virtually.

The talks will proceed until May 25 before the IMF takes a decision.

The South Asian nation is in critical require of external funds, with foreign reserves falling to as low as $10.3 billion and a broadening current account deficit.

Pakistan has as of now asked the moneylender to extend the estimate and length of its $6 billion program.

Ismail made the request in his visit to Washington last month, which was taken after by a statement from the IMF.

Which said Islamabad had concurred to roll back unfunded subsidies to the oil and power sectors.

Islamabad has so distant received $3 billion, with the program due to conclusion afterward this year.

Officials are looking for an expansion to the program through to June 2023.

As well as the discharge of the another tranche of $1 billion.

Pakistani Prime Minister Shehbaz Sharif, who took power with a amalgamation that expelled Khan in a no-confidence vote last month, has promised to kick off the moribund economy.

But analysts say his fragile government has failed to require tough decisions.

Related Stories

Pakistan: Petrol price hiked by Rs 4.53

According to the notification, the petrol price hiked by Rs 4.53 per litre, after which the new price has...

Pakistan Inflation to hit high of 25% this fiscal year: ADB

Pakistan Inflation to hit high of 25% this fiscal year. Asian Development Bank has released the annual outlook report...

A record decline in lending from banks to the private sector

In the current financial year, there has been a record decline in the provision of credit from banks to...

Trending on DiariesPK