KARACHI – The Pakistan rupee touched a historic low against dollar on Tuesday as it surpassed Rs185-level during intraday trading in the interbank market.
Up by Rs1.31 since Friday, the local currency has reached Rs185.40 against the greenback. The rupee witnessed a decline of Rs7 against dollar in March 2022.
The growing strength of dollar against global currencies is one of the major factors preventing recovery of the rupee.
However, the recent political crisis brewed after Prime Minister Imran Khan dissolved the National Assembly and deadlock with International Monetary (IMF) on loan programme have also served blow to the rupee.
On Monday, IMF assured Pakistan it would continue its support to the country “once the new government is formed”.
The Fund said in a brief statement, “There is no concept of suspension within the IMF programme.”
“I think as the country is in a [political] transition, they need authorities for commitment regarding policies,” Pakistan-Kuwait Investment Company’s Head of Research Samiullah Tariq told Geo.tv.
The statement from the IMF indicates the seventh review has ended and the three-year Extended Fund Facility (EFF) has been put on hold for the third time since it began in May 2019.
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