KARACHI – Volatility emerged again as Pakistani rupee depreciated Rs0.60 against the US dollar to Rs188.66 in the inter-bank market.
The value of the greenback surged by 82 paisa in early trade and is currently being traded at Rs188.35 in the interbank market, hitting an all-time high.
The rupee extended its decline amid depleting foreign exchange reserves and uncertainty over the revival of the International Monetary Fund (IMF) programme that mounted pressure on the local currency.
The Pakistani rupee’s weakest closing before today was on April 7, 2022, when it closed at 188.18. Economy experts suggest that a surging trade deficit is another crucial factor that keeps pressure on the domestic currency.
On the other hand, foreign exchange reserves of the country’s central bank plunged by $328 million to $10.558 billion during the week that ended on April 23, per reports.
The rupee was earlier expected to depreciate following the Eid holidays, as the flow of remittances registers a positive trend.
Today s currency exchange rates in Pakistan – Dollar, Euro, Pound, Riyal Rates on May 10, 2022
Meanwhile, the reluctance of the Sharif-led government to remove subsidies on power tariffs and fuel further diminished investors’ sentiment.
