Rupee slumps to all-time low of 134 against US dollar
KARACHI - Setting a new record, US dollar has hit Rs.134 against Pakistani rupee in the interbank market on Tuesday, a day after the government announced that it was going to the International Monetary Fund (IMF) for a bailout.
However, with a sharp Rs 9.55 rise within a few hours, the rupee devalued considerably against the dollar .
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With the devaluation of rupee, the external debt on Pakistan swelled by a staggering Rs 900 billion.
Interestingly, the Karachi Stock Exchange is witnessing a bullish trend as KSE-100 index gained 878 points to reach 38842.79.
Analysts are attributing Pakistani rupee’s persistent weakness to balance of payment crisis and falling foreign exchange reserves.
Some say that the currency is intentionally being weakened in line with the conditions imposed by the IMF for an economic bailout.
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