Rupee falls to all-time low of Rs205 against US dollar in open market

KARACHI – Despite drastic measures of rising fuel and power prices, the Pakistani rupee dropped to all-time low of Rs205 against dollar during intraday trading in the open market. 

The local currency is on the losing spree due to import demand, which has increased because of oil payments. 

In Interbank market, the dollar witnessed an increase of Rs2.15 to reach Rs202.75.

According to the State Bank of Pakistan (SBP), the rupee had closed at Rs200.06 on Monday.

The development comes as the government is making all efforts to revive stalled $6 billion International Monetary Fund (IMF) programme.

The IMF is expected to revive the programme after the announcement of the federal budget for fiscal year 2022-23. 

The last time the rupee had crossed the 202 mark was on May 26, when uncertainty engulfed the revival of the IMF loan programme.