Pakistani rupee drops all-time low against US dollar
Oct 18, 2021
Islamabad [Pakistan], October 18 : Pakistani rupee hit an all-time low against the US dollar as the latter continued to soar during intra-day trading in the inter-bank market on Monday, reported local media.
The Pakistani rupee continued to weaken, shedding an additional 82 paisas against the US dollar, which was being traded at Rs 173 during intra-day trading in the inter-bank market, reported Geo News.
Underlining the main reason for the depreciation of the rupee and rise in the value of the dollar, experts said that it is because of Pakistan's current account deficit and the International Monetary Fund's (IMF) demand for further devaluation of the rupee.
Prime Minister Imran Khan last week had said that the pressure on the Pakistani rupee is temporary and it will be over soon, a claim seeming to be not untrue.
The downtrend is expected to end soon, analysts predicted as they suggest that the successful discussion between the IMF and Pakistan over a USD 6 billion loan programme may stabilise the rupee. But in case, Islamabad fails in negotiations with IMF to find a middle ground and talks end on an unsuccessful note, the rupee may cross several limits on the downside, according to Geo News.
