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.
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.
- Private schools in KP reopened after five months closure12:14 PM | 15 Aug, 2020
- Toshakhana reference: Nawaz challenges NAB's summoning in IHC11:37 AM | 15 Aug, 2020
- COAS, Bill Gates discuss Pakistan's Covid-19 response, resumption of ...10:59 AM | 15 Aug, 2020
- FBR directed to stop menace of fake and flying invoices10:10 AM | 15 Aug, 2020
- Momina Mustehsan, Muneeb Butt call out Kangana Ranaut for spreading ...05:43 PM | 14 Aug, 2020
- FIR lodged against Saba Qamar and Bilal Saeed05:09 PM | 14 Aug, 2020
- Abida Parveen, Ali Zafar and Humayun Saeed among others honoured ...04:39 PM | 14 Aug, 2020
- When Is Eid Al Fitr 2020? ... So The Curiosity Begins!06:42 PM | 12 May, 2020
- Top five health benefits of eating watermelon04:08 PM | 7 May, 2020
- How to lose weight during Ramadan Kareem03:18 PM | 28 Apr, 2020
- Ramadan 2020: Keep yourself healthy with these 5 nutritional tips12:49 PM | 23 Apr, 2020